Record-breaking North Sea crude trades spark speculation about Brent Crude price movements, but OPEC production cuts and global economic factors remain key determinants.
The North Sea crude market, which is typically in a lull in December, saw on Monday the biggest trading activity on record in a single day as trading giants and oil majors snapped up a total of eight cargoes. Seven of these eight cargoes carry crude grades that help underpin the Dated Brent benchmark, the world's most important and closely watched benchmark for crude, which is used to price more than three-quarters of the traded oil in the world.
At the end of June, weeks of bullish trades of North Sea crude grades that underpin the international benchmark Brent resulted in a rally of Brent Crude prices. Trading giants Gunvor and Trafigura bought and bid for dozens of North Sea crude cargoes in June, driving up the Brent Crude benchmark to above $86 per barrel.
Brent Crude Oil Trading OPEC+ Production Cuts Oil Prices Commodity Markets Energy Trading Crude Oil Benchmark Oil Market Volatility Global Oil Demand
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