About Brent Crude Oil price
Brent is a European grade of oil produced in the North Sea. Since 1971 it has been considered a benchmark crude and used as a basis for price setting for over 40% of all the world grades of oil, in particular Russian oil Urals.
Oil price setting equally depends on the geopolitics, macroeconomics and supply/demand balance. Oil prices are greatly influenced by a concerted position of Organization of Petroleum Exporting Countries (OPEC) which includes such countries as: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, Angola.