Brent Crude Oil Price OutlookGlobal oil prices approached USD 50 per barrel in the first week of September as the global risk aversion in the immediate aftermath of the Brexit vote diminished, speculation grew that major oil producers could take action to freeze production and bad weather conditions in the U.S. east coast prompted inventories to fall. On 9 September, Brent Crude Oil prices settled at USD 48.4 per barrel, which was up 10.7% from the same day last month. The price was 32.8% higher on a year-to-date basis and was up 1.0% from the same day last year. For several days in August, global oil prices had escalated in response to reports that major oil producers—led by Saudi Arabia and Russia and with Iran’s participation—would attend a meeting of OPEC ministers on the sidelines of an industry conference in Algeria in late September in order to discuss a potential coordinated action to freeze production and help rebalance the oversupplied market. Initially, market participants welcomed Iran’s participation in the meeting, but doubts persist about whether a deal will be concluded. Iran had previously refused to join a similar plan in April. The positive market sentiment was exacerbated by a sharp decline in U.S. inventories—the sharpest since 1999—caused by bad weather conditions in the U.S.
Brent Crude Oil Price History Data (USD per barrel)
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Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Note: Brent Crude Oil, prices in USD per barrel (bbl). Prices are average of period (aop).
Brent Crude Oil Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities