Brent Crude Oil Live Prices - ICE Futures
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What Is Brent Crude Oil?
Brent crude oil is the world's most widely used oil price benchmark, pricing approximately two-thirds of all internationally traded crude oil. Originally named after the Brent oil field in the North Sea (discovered by Shell in 1971), it now refers to the BFOE blend — a combination of crude oils from the Brent, Forties, Oseberg, Ekofisk, and Troll fields.
Brent trades on the Intercontinental Exchange (ICE) in London as futures contracts, with the front-month contract being the most liquid. It's classified as a light, sweet crude with an API gravity of approximately 38° and sulfur content below 0.4%.
Unlike WTI crude oil which is landlocked at Cushing, Oklahoma, Brent is waterborne — making it immediately available for global export. This is why Brent, not WTI, sets the price for most of the world's oil supply.
Brent Crude Specifications
The BFOE Blend — 5 North Sea Fields
Brent
UK • Shell (1976)
Forties
UK • BP (1975)
Oseberg
Norway • Equinor (1988)
Ekofisk
Norway • ConocoPhillips (1971)
Troll
Norway • Equinor (added 2023)
Brent vs WTI Crude Oil — Key Differences
| Feature | Brent Crude | WTI Crude |
|---|---|---|
| Origin | North Sea (UK/Norway) | Midcontinent US (Cushing, OK) |
| Exchange | ICE (London) | NYMEX (New York) |
| API Gravity | ~38° (light) | ~39.6° (slightly lighter) |
| Sulfur | <0.4% (sweet) | <0.24% (sweeter) |
| Delivery | Waterborne (Sullom Voe) | Pipeline (Cushing, OK) |
| Global Use | ~67% of world oil pricing | ~33% (mainly Americas) |
| Price Level | Usually $2-5 premium | Usually discount to Brent |
| API Code | BRENT_CRUDE_USD | WTI_USD |
The Brent-WTI spread fluctuates based on US shale production, pipeline constraints, and global demand. Track both benchmarks in real time via our API, or see our detailed WTI vs Brent comparison and live spread tracker.
How OPEC+ Decisions Affect Brent Crude Prices
OPEC+ controls ~40% of global oil production. Their production quotas directly set the floor and ceiling for Brent crude prices. Here's how:
Bullish for Brent
- Production cuts — reducing supply lifts prices (e.g., 2020 cuts of 9.7 mb/d)
- Strong compliance — members sticking to quotas signals discipline
- Saudi voluntary cuts — additional beyond OPEC+ agreement
- Geopolitical disruptions — Libya, Iran, Venezuela outages
Bearish for Brent
- Production increases — unwinding cuts floods the market
- Quota cheating — members overproducing above agreed levels
- Price wars — as in 2020 Saudi-Russia dispute
- US shale growth — non-OPEC supply offsetting cuts
Track OPEC+ supply alongside Brent prices on our OPEC Basket page or monitor US rig counts for non-OPEC supply trends.
Brent Crude Oil — Historical Price Milestones
Nearly 50 years of Brent price history reveals extreme volatility driven by geopolitics, financial crises, and energy transitions. Our API provides complete historical data back to 1976.
July 2008 — Peak demand from China + speculative bubble before the Global Financial Crisis. Price collapsed 75% in 5 months.
Dec 1998 — Asian financial crisis + OPEC overproduction. Triggered emergency OPEC cuts that stabilized the market.
April 2020 — Pandemic destroyed demand + Saudi-Russia price war. OPEC+ agreed to historic 9.7 mb/d cut to stabilize.
March 2022 — Russia's invasion of Ukraine triggered supply fears. EU sanctions on Russian oil reshaped global trade flows.
April 2011 — Libyan civil war removed 1.6 mb/d from global supply. Brent stayed above $100 for 3+ years.
Jan 2016 — US shale production doubled supply. OPEC refused to cut, triggering a 2-year price war before finally agreeing to limit output.
Frequently Asked Questions About Brent Crude Oil
What is the current Brent crude oil price?
The current Brent crude oil price is $71.76 per barrel, updated 6 minutes ago. This is the live ICE futures price for North Sea Brent crude oil, the global benchmark for oil pricing used by approximately two-thirds of the world's traded oil.
What is Brent crude oil?
Brent crude oil is a light, sweet crude oil extracted from the North Sea. It serves as the leading global price benchmark for Atlantic basin crude oils. Named after the Brent oil field, it's actually a blend of oils from multiple North Sea fields including Brent, Forties, Oseberg, and Ekofisk (BFOE).
Why is Brent crude more expensive than WTI?
Brent crude typically trades at a premium to WTI due to several factors: it's waterborne and easier to transport globally, has direct access to international markets, and represents a broader basket of oils. The Brent-WTI spread varies based on U.S. production levels, pipeline constraints, and global supply-demand dynamics.
How often are Brent oil prices updated?
Our Brent crude oil prices are updated regularly during market hours, providing near real-time data from ICE futures trading. The data includes the latest futures prices in USD per barrel, reflecting global oil market movements throughout the trading day.
What factors affect Brent crude oil prices?
Brent crude prices are influenced by:
- Global Supply: OPEC+ production decisions and quotas
- Demand Factors: Global economic growth and energy consumption
- Geopolitics: Middle East tensions and sanctions on oil producers
- Market Factors: USD strength, inventory levels, and refinery demand
How far back does your Brent crude historical data go?
Our Brent crude historical data goes back to 1976 - nearly 50 years of price history. This includes annual average prices from the Energy Institute Statistical Review, providing research-grade data for long-term analysis, academic research, and historical market studies. Access this data via our API.
Integrate Live Brent Crude Data
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# Live Brent crude price curl https://api.oilpriceapi.com/v1/prices/latest?by_code=BRENT_CRUDE_USD \ -H 'Authorization: Token YOUR_API_KEY' # Compare Brent vs WTI in one call curl https://api.oilpriceapi.com/v1/prices/latest?by_code=BRENT_CRUDE_USD,WTI_USD \ -H 'Authorization: Token YOUR_API_KEY' # Historical Brent prices (past year) curl https://api.oilpriceapi.com/v1/prices/past_year?by_code=BRENT_CRUDE_USD \ -H 'Authorization: Token YOUR_API_KEY'