UK Brent

 

What is UK Brent? (Brent Crude Oil)

Brent Crude is a major trading classification of crude oil that serves as a major benchmark price for purchases of oil worldwide. It is sourced from the North Sea and is used to price two thirds of the world's internationally traded crude oil supplies. It is quoted in U.S. Dollars per barrel and an international lot size consists of 1000 barrels. It should also be noted that it has massively outperformed its WTI counterpart in recent years, giving investors yet another reason to look into this commodity.

The name “Brent” stems from a shared project between Exxon Mobil (XOM) and Royal Dutch Shell who named all of their oil deposits after birds, including the Brent goose. Some consider it as an acronym for the differing layers of an oil field: Broom, Rannoch, Etieve, Ness, and Tarbat. Brent oil is considered a more sour commodity than WTI, though both crudes are considered sweet oils. This is generally based on the sulfur content of the underlying fuel with 0.5% being a key benchmark. When oil has a total sulfur level greater than half a percent, then it is considered sour, while a content less than 0.5% indicates that an oil is ‘sweet’. Brent has a sulfur level of around 0.37%.

Trading Time

UK Brent can be traded on our platform on the following times

02:00 am to 11:00 pm (Central European Time) Monday to Friday.

12:00 am to 09:00 pm (GMT) Monday to Friday.

Contract Specifications for UK Brent

Class

Symbol

Description

Commodity)

Brent

UK Brent Oil quoted in U.S. Dollars

Standard Tradable Quantity (also called a LOT)

1000 barrels (1 standard lot)

Minimum Tradable Quantity (the fraction of lot available to trade)

10 barrels (1 oil barrel = 159 liters approximately)

Base Currency (Currency used for margin, P&L and other calculations)

United States Dollars

Tick Size (The least incremental change in the price of the index)

0.01 (example price: $109.06 changes to $109.07 at least)

 

CFD Category: 
Oil