Brent Crude Oil Price Outlook
Brent crude oil prices increased slightly in recent weeks following a volatile September, during which oil prices shot up in the aftermath of a drone attack on Saudi oil facilities on 14 September and gradually receded thereafter. On 1 November, oil prices traded at USD 61.5 per barrel, which was 2.3% higher than on the same day last month. While the benchmark price for global crude oil was 13.7% lower than on the same day last year, it was up 21.6% on a year-to-date basis. President Trump’s decision on 11 October to postpone a new round of tariffs on Chinese imports due on 15 October, coupled with information that China and the United States were about to sign “phase one” of a much-awaited trade deal, supported oil prices in recent weeks. While news that most of the thorny issues were not resolved in this initial deal capped gains, speculation that OPEC+ could deepen its oil production cuts further supported oil prices. OPEC and other key producers will meet in Vienna on 5–6 December where they will likely shed some light on future production quotas; the current oil cap deal expires at the end of March 2020. Despite the array of supportive factors, oil prices remain relatively low due to the weak global economic backdrop.Brent Crude Oil Price History Data (USD per barrel, aop)
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