The price of Brent oil stood at $71.05 a barrel, compared with $67.21 the previous month. Over last twelve months the price has raisen 3.63%.
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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