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Brent Crude Oil Price Outlook

Brent crude oil prices have tumbled over the last month, with the global oil price benchmark hitting a near three-month low. Dissipating fears of a global oil supply gap and a loss of confidence in the trajectory of the global economy weighed on prices. On 2 November, oil prices traded at USD 71.1 per barrel, which was down 17.0% from the same day last month. However, the benchmark price for global crude oil markets was up 17.0% from the same day last year and was 6.6% higher on a year-to-date basis. Robust production data and fears of a global economic slowdown dominated price movements in recent weeks. A recent survey found that OPEC ramped up output to its highest level in nearly two years in October, boosted mainly by Saudi Arabia, the UAE and Libya, while U.S. and Russian production also remained robust. The data suggests producers have managed to offset falling production from Venezuela and Iran, with Iranian production hit by U.S. sanctions, which took effect on 4 November. Meanwhile, demand prospects are looking increasingly weak given the slowdown in the Chinese economy, turbulence in emerging markets, and the persistent U.S.-China trade quarrel. The fall in Brent crude prices over the last month also came in tandem with losses in U.S. and global equity markets.

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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