Brent Crude Oil Price OutlookA combination of restricted supply, strong demand and mounting geopolitical risks are pushing up Brent Crude Oil prices to levels last seen in late 2014. On 11 May, oil prices traded at USD 77.1 per barrel, which was up 6.0% from the same day in April. The benchmark price for global crude oil markets was 15.5% higher on a year-to-date basis and was up 56.8% from the same day last year. In March, participants in the oil-cap deal led by OPEC and Russia reached the highest conformity level since the deal came into effect in January 2017. As a result, the OECD’s commercial stocks are now close to the five-year average, which has become the metric for measuring the success of the oil cut deal. Demand for the black gold remains strong on the back of resilient global economic growth. Along with fundamental factors, oil prices have been propelled in recent weeks by mounting geopolitical threats. In particular, U.S. President Donald Trump’s decision on 8 May to reinstate economic sanctions against Iran added further upward pressure on oil prices. Although Iran represents only around 5% of global oil output, any cut in Iranian oil production will reduce supply to an already tight global oil market. Moreover, economic sanctions against Iran will heighten tensions in a region already engulfed by multiple conflicts.
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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