Offshore oil rigs with setting sun

Brent Crude Oil Price Outlook

In January, Brent crude oil prices appear to be recovering following the freefall which began in October and led Brent crude oil prices to hit a one-and-a-half year low by the end of December. On 11 January, oil prices traded at USD 59.1 per barrel, which was 1.1% lower than on the same day last month. Although the benchmark price for global crude oil markets was 16.0% lower than on the same day last year, it was up 16.9% on a year-to-date basis. Thawing relations between China and the United States has fueled hopes that a full-blown trade war between the two superpowers will be avoided, boding well for the global economy. This situation, coupled with the oil production cut announced by OPEC and Russia in early December and effective in January 2019, has supported oil prices so far this year. However, Brent crude oil remains still at low levels due to the collapse in oil prices observed in the October–December period due to widespread concerns of a new global oil glut. The U.S decision to grant waivers to Iranian oil buyers, coupled with a somber global economic outlook and strong oil production by Russia, the OPEC and the United States, negatively impacted oil prices.

Brent Crude Oil Price History Data (USD per barrel, aop)

2013  2014  2015  2016  2017  
Brent Crude Oil118.69  98.9  52.42  43.83  54.26  

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities.

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Brent Crude Oil Historical Price Chart


Brent Crude Oil historical price chart
Note: Brent Crude Oil, prices in USD per barrel (bbl). Daily prices.

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities

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