Concerns surrounding an impending US-led attack on Syrian President Bashar al-Assad's regime had boosted Brent crude
prices to above $117 per barrel at the end of August.
In light trade, Brent crude
was down 37 cents to $110.
Currently, the industry average ratio of procurement of heavy crude oil to soft crude oil is 47:63, with Brent crude
oil accounting for the rest.
Introduced in 1988, the ICE Brent Crude
futures contract is the leading benchmark for light sweet crude oil, including grades in Africa, the Middle East and Asia.
During the year, IPE's electronically traded Brent crude
and gas oil futures volumes began increasing as a percent of floor volume.
99 pb, while Brent crude
went down in London Stock Exchange by 53 cents-0.
Total's chief executive Christophe de Margerie added that Brent crude
prices had seen "a very important decrease.
Products traded on the IPE include Brent Crude
futures and options, Gas Oil futures and options, and Natural Gas futures.
Dubai: Brent crude
, which fell more than 4 per cent on Friday, may fall further as high inventory in the United States continues to weigh on sentiment.
Forward contracts of the Brent crude
slightly dropped in the London market, on the last day of the year 2013, lower by 31 cents from its 2012 level of USD 111.
rose above $111 a barrel on Friday after a two-day drop, as severe weather cut oil output in Europe and the United States, and with traders waiting for a US jobs report.
Asian refining margins measured against Brent crude
may be around $7 to $8 a barrel compared with around $8 to $10 this year, says Sonia Song, HSBC's Asia head for oil and gas research.