The daily settlement price of INE’s crude futures is a volume-weighted average price of all trades executed in a trading day 

and the final settlement price is the arithmetic mean of the daily 

settlement prices of the last ve trading days that have trades 

executed.

The daily settlement price of ICE Brent crude oil futures is the 

volume-weighted average price from 19:28 to 19:30 London Time, 

while that of WTI crude oil futures is the volume-weighted average 

price from 14:28 to 14:30 New York Time, i.e., from 19:28 to 19:30 

London Time, the same window of data collection as ICE. The

daily settlement price of DME Oman crude oil futures is the 

volume-weighted average price from 16:25 to 16:30 Singapore 

Time; the cut-otime corresponds to 12:30 Dubai Time.

The delivery mechanism of Brent crude oil futures contracts 

includes employing Exchange of Futures for Physicals (EFP) and 

cash settlement based on the ICE Brent Index price. With EFP, 

the nal settlement price is not declared to the market. The cash 

settlement price for the ICE Brent Future is based on the ICE Brent 

Index on expiry day for the relevant ICE Brent Futures contract 

month. The Index represents the average price of trading in the 

BFOET (Brent-Forties-Oseberg-Ekofisk-Troll) cash or forward market 

for the relevant delivery month. Only block trades (600,000 barrels 

or more) declared to the market and veried by the exchange 

are included in the calculation. The ICE Brent Index is the simple 

average of the five constituent values

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