35 a barrel, down two cents, while London Brent blend
was trading $26.
The net effect will be an average price for dated Brent Blend
00 per contract) -- Brent Crude * Export Quality Brent blend
basis Sullom Voe, Shetland Islands * 1,000 barrels (42,000 US Gallons) * Tick Size = $0.
The average price for Brent blend
last year was over $24, down from $28.
At the world market, forwards of the Brent Blend
dropped to the lowest level in seven years, against backdrop of the US dollar rise and failure of OPEC's member states of reaching a deal on the market glut at their latest meeting, held in Vienna on Friday.
Oil markets are still in a state of "groggy": quotes, though trying to recover, but they do it extremely shy and reluctant - the price of North Sea Brent blend
within the coming weeks will try to get back above $ 100 a barrel.
That increase in WTI supplies gave gasoline refiners on the Gulf coast an alternative to a much more expensive crude oil, known as Brent blend
, that they have been importing from Europe.
Nexen operates the North Sea's Buzzard oilfield, the biggest contributor to the Forties oil blend, giving it access to trading which sets the price for the Brent blend
of light/sweet crude oils.
Sleipner Vest field produces condensate and NGL of Brent Blend
quality having 57.
Forties is the biggest single component of what is known in international spot oil markets as Brent Blend
, which is a mixture of North Sea Brent, Forties, Norwegian Oseberg and Ekofisk crudes, or "BFOE".
World benchmark Brent blend
crude oil is trading around $21.
This year's price forecasts for Brent blend
from leading private and public institutions range between Merrill Lynch ($25), US Department of Energy ($24), UBS Warburg ($23.