Commodities
Urals Crude Tops Brent as Russia's Oil Price Surges
The price of Russian Urals crude oil has surpassed Brent for the first time, reaching $120 per barrel. This is unusual in the oil market, as Urals typically trades at a discount to Brent.
The price surge is due to disruptions in oil supplies from the Middle East and rising demand from Asian buyers. Over the past month, Russian oil has risen by more than 30%, according to data from Trading Economics.
A higher Urals price increases potential export revenue for Russian oil companies and affects the calculated value of oil for tax purposes. The average Urals price used by the Russian Ministry of Economic Development for tax calculations stood at $67.11 per barrel in August, up 13.7% from July.