If you trade only Forex currency pairs, you will not use half of JustForex's features! In addition to the foreign exchange market, we offer many other instruments, including international stocks and even indexes. Moreover, indices are an important instrument that helps to monitor the market. But trading indices is not so simple, you must first find out how each of them works. Let's start with Brent Crude Oil – the most unusual of all.
Brent Crude Oil is an important index. Unlike the others, it does not show the prices of companies or the state of the economy in the country. Instead, it shows the price of oil.
Now, crude oil is another name for the unrefined petroleum. However, there are different types of crude oil and some of them are more valuable than the others. Sweet oil is the most important one – it is a cleaner energy resource suitable for gasoline processing. It’s one of the most coveted and commercially interesting types of oil. While the supply of crude oil is limited, it’s doubly true for the Brent Crude Oil – oil’s reference grade.
Brent is very important for the international economy – it is from the reference price that oil producers repel when selling their goods. There are exceptions, but as of 2010, the Brent index in one way or another affects the price of 70% of petroleum products.
It’s interesting: The name of the index comes from the field of the same name in the North Sea. It was there that in the 1970s, standard-quality oil was produced. However, now similar oil is also extracted in other fields of the North Sea.
Traditionally, the cost of Brent used to be close to the value of the WTI oil brand. But over the past few years, these indicators have diverged slightly. As of September 2019, the difference in the chart was 8 USD in favor of Brent, which is pretty important.
Brent Crude Oil is very important but it still depends on the current economic situation in the world. The supply of crude oil is limited while the international demand for energy has been growing steadily throughout the last couple of years.
Other events also affect Brent Crude Oil, but for the most part, they are not so significant.
Brent is available on JustForex 5 days a week – Monday through Friday. On weekends, the stock market is closed and you cannot open new orders on it. In addition, the index is not available during world holidays, when the stock market does not work. These limitations are fairly important so keep an eye on them!
JustForex regularly publishes news on changes in trading hours. Read them on our main page!