A futures contract based on Brent crude oil, a particular type of oil and one of the most important oil price benchmarks in the world. Brent Crude futures have been traded on the London-based International Petroleum Exchange (IPE) since June 1988, using open-outcry trading. Three related markets comprise the Brent oil complex, as follows: Brent that is available immediately, which is called dated or physical Brent; forward Brent, which is for purchase or sale at a future date; and Brent futures, which have standardized delivery times and amounts. Companies trading Brent futures, such as users of oil products, can take actual delivery of the oil by using an exchange-for-physicals technique, which allows traders to close out their futures contracts by trading them with the physical products. Traders of the futures contracts use cash to settle contracts after expiration. IPE options contracts also are based on the underlying IPE futures contract.