Brent crude oil, Brent oil in English, is produced in Brent area of North Atlantic. London Intercontinental Exchange and the New York Mercantile Exchange have their futures trading, which is the benchmark of market oil price.

The price difference between West Texas Light Crude Oil (WTI) in the US market and Brent crude oil in the North Sea is still very large.

Brent is a kind of light and low-sulfur crude oil, which is produced in Brent and Nigeria oil fields in the North Sea.

Brent crude oil price in 2007-2008

Foreign exchange swaps, forwards and spot markets are widely traded. At present, more than 65% of the world's physical crude oil is linked to Brent system pricing. The loading port of Brent crude oil is Sullom Voe in shetland islands, Beihai. The main users are refineries located in northwest Europe and the east coast of the United States.