About Brent Crude

Brent Crude Oil futures (BZ) help investors gain exposure to the global crude oil market. Like the price of WTI Crude Oil, Brent’s price is a major benchmark for the purchase of oil worldwide.

Brent and WTI are light, sweet and favored by refiners. The grades that underpin the Brent benchmark have changed over time as production from the North Sea has continued to dwindle. From the original Brent and Ninian crude oils, the basket of crude oils has evolved to include Forties, Oseberg, Ekofisk and Troll. To add further supply to the underlying crude grades, WTI Midland, produced in the U.S., was added to the Brent basket in 2023, formally linking the price of Brent with WTI.

The contract

Each Brent futures contract represents 1,000 barrels of Brent crude oil, with a minimum tick price of $.01. The contract trades electronically five days a week, 23 hours per day, with a daily 60-minute break at 4 p.m. CT. Traders are able to leverage substantial margin efficiencies when gaining exposure to this liquid market.

Trading the market

Investors keep a close eye on the price movement of Brent as well as WTI because they are thought to be reflective of oil demand around the globe.

Traders have recently paid particular attention to crude oil due to enhanced volatility from geopolitical events and quota changes by OPEC.

As with WTI and other energy sources, the price of Brent often moves in line with the broad economy and market. Similarly, as Brent’s price signifies oil demand, movements in crude price can signal the direction of the economy.

Traders also keep a close eye on the spread between WTI and Brent. Though this spread always exists due to transportation costs, it can also be used to gauge demand strength in different parts of the world as well as supply availability. Movements in the spread between WTI and Brent can impact how much crude oil is exported from the U.S. and where cargos are delivered.

Learn more about CME Group’s Energy markets.