UK OIL

UK OIL is a financial term used to refer to the price of a barrel of Brent Crude oil, which is a benchmark for global oil prices. Brent Crude is a light, sweet crude oil sourced from the North Sea and is used to price two-thirds of the world’s internationally traded crude oil supplies. It is traded on the Intercontinental Exchange (ICE) Futures Europe exchange and is the most commonly used benchmark for pricing oil.

History of UK OIL

Brent Crude oil was first discovered in the North Sea in 1971 and was named after the Brent Goose, which is native to the area. It was initially used as a benchmark for pricing oil in the European market, but its popularity has grown over the years and it is now used as a benchmark for pricing oil globally. Brent Crude is a light, sweet crude oil, which means it is easier and cheaper to refine than other types of crude oil.

Brent Crude is traded on the ICE Futures Europe exchange, which is the world’s leading energy futures exchange. The exchange is based in London and is regulated by the UK Financial Conduct Authority. The exchange is open 24 hours a day, five days a week, and trades in a variety of energy products, including Brent Crude.

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Summary

UK OIL is a financial term used to refer to the price of a barrel of Brent Crude oil, which is a benchmark for global oil prices. Brent Crude is a light, sweet crude oil sourced from the North Sea and is traded on the Intercontinental Exchange (ICE) Futures Europe exchange. It is the most commonly used benchmark for pricing oil and is used to price two-thirds of the world’s internationally traded crude oil supplies. For more information about UK OIL, you can visit the ICE Futures Europe website or the UK Financial Conduct Authority website.

See Also

• West Texas Intermediate
• Crude Oil
• ICE Futures Europe
• API Gravity
• Sulfur Content
• Oil Futures
• Oil Price
• Oil Market
• Oil Trading
• Commodities Market

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