BRENTOIL

Brent Crude Oil is a major classification of sweet light crude oil extracted from the Brent Oil Field located in the North Sea between the United Kingdom and Norway. Established as a trading benchmark in the 1980s, Brent has become the world's primary crude oil standard, serving as the reference price for approximately 70% of globally traded crude oil worldwide. As a light sweet crude with relatively low sulfur content, Brent is highly valued by refineries for its ease of processing and the quality of refined products it yields. The Brent benchmark reflects fundamental supply and demand dynamics of the global seaborne oil market, including production from North Sea fields and other major producing regions, inventory levels, geopolitical developments, and macroeconomic factors affecting energy consumption. Prices are quoted per barrel and represent the cost of physical crude oil at the Brent delivery point, making it an essential indicator of global energy market health and a key driver of petroleum product prices worldwide, from gasoline to heating oil to jet fuel.