Introduction to Brent crude oil investment
Brent crude oil is a light and low sulfur crude oil from the North Sea. This crude oil is named after Brent goose because the oil exploration company shell oil has a policy to name the place after birds. This crude oil is also known as Brent crude oil. The Brent blend and London Brent are used as benchmark prices by two-thirds of the world's international trade crude oil suppliers. So when economists talk about the price of oil, it's mostly about the price of Brent per barrel. The price is based on the trading value in London's Brent crude oil market, an informal market where about $100 billion worth of oil contracts are traded annually.
Characteristics of Brent crude oil
The characteristics of Brent crude oil are as follows:
1. This is a high quality oil. Brent crude oil is a light crude oil. However, its viscosity is higher than that of WTI crude oil.
2. It contains about 0.37% sulfur. Therefore, it is classified as low sulfur crude oil.
3. It is used in the production of intermediate sulfur oil and gasoline.
4. Brent crude oil is refined in Western and Northern Europe. However, it is also refined in the East, in Gulf cities in the United States and even in the Mediterranean, where market conditions are favorable for export.
Brent crude oil trading
Brent crude oil was initially traded on the international oil exchange (IPE) in London. Then began to use the open outcry trading method. However, in 2005, the crude oil traded was transferred to the international exchange (ice). On the international exchange, Brent crude oil is traded under the symbol of LCO, with each contract equivalent to 1000 barrels of crude oil (160 cubic meters). Brent crude oil is quoted in US dollars in international trading.
Trading specification of Brent crude oil on easy Forex
Easy forex Brent oil mark: BRT
Quotation Convention: each barrel is recorded in US dollars, for example: BRT / USD = 80.00 USD / barrel
Maturity date: all Brent crude oil transactions mature at 12:00 GMT on the 15th of each month. If the 15th day is not a business day, the due date of the transaction will be the working day after the 15th day. Click here to learn more about transferring Brent crude oil contracts to new contracts.
Trading hours: trading hours are London time, trading hours are 2:00-21:00 London time from Monday to Friday. Otherwise, time cannot start or end a transaction. Switch to trading hours to learn about trading times for other currencies and commodity futures.
Availability: Brent crude oil cannot be traded in the United States and other places. Check with your trader whether the transaction can be conducted in your area.