Brent Crude Oil Price OutlookBrent prices lost momentum last month on a Covid-19 outbreak in China and an oil reserve release by the IEA. Brent crude oil prices averaged USD 106.2 per barrel in April, which was down 5.6% from March's price but was 62.0% higher than in the same month last year. Meanwhile, on 29 April, the fuel traded at USD 107.8 per MMBtu, which was 0.3% higher than on the same day of the previous month. The bull rally in the oil market cooled in April due to weakening demand prospects and an improved supply outlook. Price volatility also eased. The IEA announced a further reserve release on April 1, meaning 240 million barrels will now seep into the market in the next six months. Meanwhile, China’s tough response to a Covid-19 outbreak and weak economic momentum in OECD countries led the IEA to revise down its demand forecast for Q2. A stronger dollar and a more hawkish Fed further dampened the demand outlook. That said, prices remained at levels not seen in nearly a decade. The increasing probability of an EU ban on Russian oil plus Saudi Arabia and the UAE’s refusals to hike output more quickly stoked prices, while demand prospects were boosted by a relaxation of Covid-19 restrictions in OECD countries.
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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