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Brent Crude Oil Price Outlook

Despite an uptick in recent days, Brent crude oil prices remained subdued in recent weeks following escalating trade disputes between China and the United States. On 6 September, oil prices traded at USD 62.1 per barrel, which was up 6.0% from the same day last month. Moreover, the benchmark price for global crude oil was down 17.9% from the same day last year, but was 22.9% higher on a year-to-date basis. Oil prices continued to be negatively affected by the ongoing trade war between the world’s two superpowers, especially following China’s announcement on 23 August of retaliatory tariffs effective on 1 September, which would include, among others, oil and soybeans. China’s decision triggered an immediate response by the U.S. and Trump’s administration announced additional tariffs on USD 250 billion worth of Chinese imports for 1 October. The U.S.-China trade dispute is piling pressure on an already strained global economy. Weaker global growth translates into reduced demand for the black gold and, therefore, it suppresses oil prices. Offsetting the current downward trend in oil prices, OPEC and its allies continue to overdeliver in the agreed oil production, achieving compliance of 159% in July. Moreover, expectations that key global central banks will ease monetary policy and heightened geopolitical risks in the Middle East are also supporting oil prices.

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

2013  2014  2015  2016  2017  2018  
Brent Crude Oil108.69  98.9  52.42  43.83  54.26  71.03  

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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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