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Brent Crude Oil Price Outlook

Brent prices rose last month due to the prospect of an EU ban on most Russian oil—which was ultimately agreed on 31 May—and rising demand. Brent crude oil prices averaged USD 112.1 per barrel in May, which was 5.6% higher than April's price and was up 64.0% from the same month last year. Meanwhile, on 31 May, the fuel traded at USD 123.0 per MMBtu, which was up 14.0% from the same day of the previous month. Crude oil prices rose in May after having fallen in April. On the supply side, under the EU member states’ ban, around 90% of Russian oil imports will be embargoed by the end of 2022, with exceptions carved out for pipeline deliveries to the Czech Republic, Hungary and Slovakia. Meanwhile, oil derivative prices have been boosted by weak refinery capacity and the summer driving and travel season in the northern hemisphere, in turn pushing up crude demand from oil refineries. Cooling the bull rally on the supply side were the release of oil reserves by the IEA and the prospects of continued output increases by OPEC+ and the U.S. Taming the bull rally on the demand side were Covid-19 lockdowns in China, plus rising global inflation and interest rates.

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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