Brent Crude Oil is a major global benchmark for crude oil pricing, sourced from oil fields in the North Sea between the United Kingdom and Norway. It serves as the reference price for approximately two-thirds of the world's internationally traded crude oil. Brent is priced in US dollars per barrel and its price is influenced by OPEC production decisions, geopolitical events, global demand, and inventory data. It is distinct from WTI (West Texas Intermediate), which serves as the primary US oil benchmark.
Example
“Brent Crude Oil surged to $95 per barrel after OPEC announced deeper production cuts, tightening global supply expectations.”