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 geopolitics, macroeconomics and the supply/demand balance. Oil prices are also greatly influenced by a concerted position of the 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 and Angola.