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Brent Crude Oil Price Outlook

Brent crude prices plummeted in recent weeks as the oil market navigated election-related uncertainty in the U.S., soaring numbers of new Covid-19 cases globally and despite a tightening supply outlook. On 6 November, oil traded at USD 39.6 per barrel, which was 7.5% lower than on the same day last month. Moreover, the benchmark price for global crude oil was 36.4% lower than on the same day last year and was down 40.3% on a year-to-date basis. Oil prices sank to a five-month low at the end of October, battered by the second wave of the Covid-19 pandemic in Europe which prompted authorities to reintroduce lockdown measures in most countries. Moreover, rising oil output and the absence of further fiscal stimulus in the U.S. further hurt crude prices. That said, oil prices staged a strong bounce-back in early November amid premature signs of a Trump victory in a tight election race. Prices dipped again, however, as Joe Biden secured the victory in the elections, promising to deliver a green new deal and signaling a likely re-engagement with Iran. Meanwhile, shrinking U.S. crude oil inventories and news that Russia is planning to roll over current production cuts until the end of Q1 2021 boded well for prices.

Brent Crude Oil Price History Data (USD per barrel, aop)

2015  2016  2017  2018  2019  
Brent Crude Oil 52.42  43.83  54.26  71.01  64.32  

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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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