Brent Crude Oil Price OutlookBrent crude oil prices hit a nearly six-month high on 25 April. However, prices started to decline in the following days and, on 11 May, oil prices traded at USD 71.6 per barrel, which was stable compared to the same day last month. Moreover, the benchmark price for global crude oil was down 7.7% from the same day last year, although it was 41.7% higher on a year-to-date basis. Diverging forces weighed on oil prices in recent weeks. The successful implementation of the oil production cuts agreed upon by OPEC members and Russia continued to push up oil prices in early April. Moreover, OPEC oil supply was dragged down by falling output in Venezuela as a result of years of underinvestment in the oil industry and U.S. sanctions. The upward trend in oil prices was reinforced by the U.S. decision not to extend sanction waivers on Iran’s oil sector, which expired in May; data suggesting that economic dynamics in China were in better shape than previously anticipated, mostly thanks to bold government stimulus, also pushed up prices. However, heightened trade tensions between China and the United States, following the U.S. announcement to hike tariffs on USD 200 billion of Chinese imports to 25% as of 11 May, clouded the outlook for global economic growth and, consequently, demand for the black gold.
Brent Crude Oil Price History Data (USD per barrel, aop)
|Brent Crude Oil||118.69||98.9||52.42||43.83||54.26||71.03|
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Brent Crude Oil Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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