What is Brent Crude Oil, and how is it different from other kinds of oil like OPEC?
Brent Crude Oil is one of the most important commercial classifications among different kinds of sweet light crude oil.
Brent is the name of an oil field in the North Sea, located in the Atlantic Ocean in Europe.
Brent Crude Oil is sourced from Brent, Forties Blend, Oseberg, and Ekofisk oil fields.
Brent Crude Oil is transferred through a pipeline network to the Saloomwoo oil terminal -the largest port for exportation in the North Sea - in Britain and loaded there.
The principal reason for pricing different types of oil is their amount of sulfur and, in fact, the gravity of them. Actually, the more amount of sulfur leads to the more gravity of oil, and so the lower price for it.
Brent Crude’s sulfur is more than West Texas Intermediate (WTI) oil and less than OPEC oil, therefore; generally, its price is lower than WTI and more than OPEC.
Although oftentimes Brent price is between two others, sometimes some other factors disturb this equation.
The price of many types of crude oil has been set by the price of Brent Crude in the world oil markets. Two-thirds of world oil is priced based on Brent Crude, and it is used extensively to price crude oil in Europe.
Brent Crude is an ideal option for producing petrol as it contains approximately 0.73% sulfur, classified as sweet oil.
There are some other important kinds of oil in addition to Brent Crude: West Texas Intermediate (WTI), OPEC Reference Basket, Dubai Crude, and Oman Crude.
Brent Crude Oil Trading
The ICE Futures Europe for Brent Crude is B. However, it is also presented as Brent Blend, London Brent, and Brent. It was originally traded on the International Petroleum Exchange in London, but since 2005 it has been traded on the electronic Intercontinental Exchange (ICE).
One contract equals 1,000 barrels, and contracts are quoted in U.S. dollars. Each tick lost or gained equals $10.
Trading opportunities in the oil market
Since 2005 oil trading via the Internet has been possible for everyone, and a huge number of traders –particularly in online mode - have come to this market and trade to achieve the goal of making a profit. In fact, the countries and companies that really need oil are not the only buyers. Online traders also come and do buy and sell trades.
Considering the continual increase in investing in the oil market, the movements can be forecasted technically increase day by day too. So the power and extent of price variations as the result of political news and events decreased.
Therefore, technical forecasts of price movements in the oil market have become more successful than the other markets like Forex, in which the amount of daily trades is very high, and better trading opportunities with more probable success set in this market every day.
Weekly Forecasts of Brent Oil
Weekly forecasts of Brent Oil delivers on the ForecastCity site. These forecasts (which are) based on the Trend Hunter Strategy and prepared in the daily time frame clear you the starting limits of a new trend. We forecast starting, ending, or resuming of the oil price trends in the weekly forecasts of Brent Oil and present you with a clear perspective of the future price of oil through our exact technical explanations and descriptions.
This forecast updates on the site every Saturday. If you are one of ForecastCity subscribers, you can have these forecasts in your own dashboard in the Commodity part besides gold weekly forecasts.
If you want to see the latest forecast of crude oil, click on this link.
Our weekly forecasts of Brent Crude Oil will deliver freely on the ForecastCity site until the end of March.
Therefore, if you have not been one of our subscribers, join freely to the great family of ForecastCity just now and have our free weekly forecasts of crude oil.