The underlying instrument for UKOIL
is Brent Crude which is traded on the ICE Futures
Europe. Brent Crude is a major trading classification of sweet light crude oil
that serves as a major benchmark price for purchases of oil
worldwide. Brent Crude is sourced from the North Sea, and comprises Brent Blend, Forties Blend, Oseberg and Ekofisk crudes (also known as the BFOE Quotation). The index represents the average price of trading in the 21 day Brent Blend, Forties, Oseberg, Ekofisk (BFOE) market in the relevant delivery month as reported and confirmed by the industry media. Only published cargo size (600,000 barrels (95,000 m3
)) trades and assessments are taken into consideration.