The oil price for Brent crude oils in January was $53.68 per barrel while the price was $62.47 per barrel in December of 2006. Over last twelve months the price has fallen 14.78%.
Brent crude is extracted from the North Sea and is also known as London Brent, North Sea Oil, Brent Blend and Brent petroleum. It is a light crude oil, slightly heavier than WTI, and sweet because of its low sulphur content and it is ideal for the refining of diesel fuel, gasoline.
Brent oil makes up more than half of the world's globally traded supply of crude oil. Brent blend crude serves as benchmark price for purchases of oil worldwide. It is traded electronically via the ICE futures exchange.
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