Brent Crude Oil Price OutlookBrent crude oil prices continued to freefall over the last month, with the global oil benchmark sinking to more than a one-year low in late November. On 30 November, oil prices traded at USD 57.5 per barrel, which was down 24.0% from the same day last month. The benchmark price for global crude oil markets was down 9.5% from the same day last year and was 13.8% lower on a year-to-date basis. The announcement in early November that the U.S. would provide waivers to eight countries in order to allow them to continue purchasing Iranian oil after the implementation of U.S. sanctions on 4 November triggered the price spiral, as Iranian exports are now unlikely to fall as much as previously predicted. Moreover, Saudi Arabia, Russia and the U.S.—the world’s top three oil producers—are pumping close to all-time highs, adding further downward pressure on prices. On the demand side, signs have recently emerged of flagging activity. The Chinese economy has been decelerating in 2018, Japan recorded a contraction in the third quarter, while Q3 GDP data for the Euro area was the weakest since 2014. This likely added to investors’ concerns over the future appetite for crude oil.
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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