Brent Crude Oil Price OutlookThe rally in Brent Crude Oil prices continued for most of January, hitting an over three-year high on 25 January. Nevertheless, crude oil prices retreated sharply in the following days due to a combination of financial jitters in the U.S. and strong output among U.S. shale producers. On 9 February, prices traded at USD 63.0 per barrel, which was down 8.7% from the same day in January. The benchmark price for global crude oil markets was 5.5% lower on a year-to-date basis and was up 16.4% from the same day last year. A tight global oil market continued to push up prices in January as OPEC and non-OPEC countries, namely Russia, continued to report record-breaking conformity levels to the oil-cap deal. In fact, the average conformity level for 2017, the first year of the agreement, was 117%. Moreover, global demand for the black gold remains strong, with China hitting another oil import record of 9.57 million barrels per day (mbpd) in January. Nevertheless, the current sweet spot in oil prices could come to an end, mostly due to soaring oil production in the United States, which reached its highest mark since the early 1970s in the first weeks of this year. The U.S. Energy Information Administration projects the country will pump 11.59 mbpd this year and 11.18 mbpd in 2019, potentially making the U.S. the world's top oil producer.
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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