Brent Crude Oil Price OutlookDemand fears arising from global trade protectionism, increasing supply in Saudi Arabia and Russia, and a possible resurgence in output in Libya weighed on Brent Crude Oil prices in recent weeks. However, additional global supply capacity is thought to only be marginal, while geopolitical tensions remain high in the Middle East, which helped limit price declines. On 3 August, oil prices traded at USD 72.5 per barrel, which was 4.5% lower than on the same day last month. However, the benchmark price for global crude oil markets was up 8.6% on a year-to-date basis and was 37.1% higher than on the same day last year. In recent weeks, trade tensions between the U.S. and China have increased, stoking concerns about the impact an escalated trade war between the two countries could have on oil demand. On 11 July, the U.S. government listed USD 200 billion worth of goods it imports from China for potential tariffs. Later, on 20 July, President Trump threatened to tax all USD 500 billion of U.S. imports from China. Bearish sentiment has been further fueled on the supply front recently: OPEC’s latest Monthly Oil Market Report showed that production in Saudi Arabia and Russia increased in June; while, in Libya, major export terminals and oilfields were reopened in early July.
Brent Crude Oil Price History Data (USD per barrel, aop)
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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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