UK Brent crude oil price
Other names for Brent Crude are Brent Blend, London Brent and Brent petroleum. The name Brent comes from the Brent oil field, located north-east of the Shetland Islands, and thus part of the United Kingdom. Because the Brent oil field already passed its production peak, today the benchmark Brent Crude includes oil from the other three major oil fields. Brent, beneath West Texas Intermediate (WTI), is one of the lightest crude oils. With a low content of sulphur, it is ranged among the so called sweet crude oils. Most of the Brent Crude oil is refined into gasoline and middle distillates in Northwest Europe.
Other crucial benchmarks for crude oil prices are West Texas Intermediate (WTI), which is especially important for North America, and Dubai Crude (Fateh), which dominates the Asian oil market. Such benchmarks are indispensable for referencing the many types and grades of oil on the global market.
With a few exceptions, there was a nearly constant increase in the price for one barrel of Brent Crude oil in the last fifteen years. For example, the average price per barrel stood at nearly 25 U.S. dollars in 2002. Until 2012, this price increased to almost 112 U.S. dollars. In 2010, however, the price fell under the mark of 100 U.S. dollars. The price in 2014 saw a rapid decrease, with monthly crude oil prices falling under 65 U.S. dollars per barrel, then fell even further to a recent low of 32.18 U.S. dollars per barrel in February 2016. Since then, prices have increased gradually.