May 3rd, 2018 Filed under Crude Oil, Future Trading News | Comment (0)
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5 Facts about Brent Crude
By Senior Broker, Mark O’ Brien
Brent crude is a primary classification of crude oil used as a reference price for trading crude oil around the world. It is also known as London Brent and Brent Blend.
It was first extracted in 1976 from a small area in the North Sea called the Brent field by Shell U.K. Limited (now Royal Dutch Shell), which made it a practice of naming oil fields after water birds. For this particular area, the name comes from a small water bird called the Brent goose.
While the Brent field is now no longer economically viable, Brent crude is now comprised of oil extracted from fifteen later-developed oil fields located throughout the North Sea, an area of roughly 220,000 square miles. This area comprises by far the largest oil reserves in western Europe – land or sea.
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