Brent Crude Oil Price OutlookStrong oil market fundamentals and mounting geopolitical threats led Brent Crude Oil prices to increase in recent weeks. The price of Brent Crude Oil, however, could not breach the USD 80 per barrel psychological mark as it did in late May. On 6 July, oil prices traded at USD 75.1 per barrel, which was up 2.5% from the same day last month. The benchmark price for global crude oil markets was 12.5% higher on a year-to-date basis and was up 54.7% from the same day last year. The U.S. is pressuring Iran’s oil buyers to “reduce to zero” their oil imports from the country by 4 November, triggering undersupply fears. These concerns are exacerbated by Iranian threats of cutting off regional oil exports. Around 30% of global oil exports pass through the Iranian coast. Venezuela’s oil production, furthermore, continues to slip, and drawdowns in U.S. crude inventories remain high, adding upward pressure on oil prices. Saudi Arabia, however, pledged to increase supply as early as in July to alleviate shortage concerns. Moreover, OPEC and Russia declared that they will reduce their compliance level to the oil cap deal from around 150% to 100%, which implies an injection of around 700,000 barrels per day.
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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