Brent Crude Oil Price OutlookGlobal oil prices soared in recent weeks, on strong supply and demand fundamentals. On 7 October, Brent crude oil traded at USD 82.5 per barrel, which was 14.8% higher than on the same day last month. Moreover, the benchmark price for global crude oil was 96.0% higher than on the same day last year and was up 59.0% on a year-to-date basis. A number of contributing factors sent prices for oil flying over the past month. Firming demand against the backdrop of still-recovering offshore production in the U.S.—following the blow dealt by Hurricane Ida—resulted in a marked fall in U.S. inventories. The country’s emptying stocks, which dropped to the lowest level since October 2018 in the week ending 17 September, highlighted supply tightness. This was further exacerbated by OPEC+’s decision on 5 October to stick to its initial plan to slowly increase output, despite the ongoing global energy crunch. On top of this, soaring gas prices have prompted gas-to-oil switches in several power plants in Asia, adding another driver on the demand side. However, news of rising U.S. oil stocks on 6 October exerted some downward pressure on Brent prices, while Saudi Armaco’s price cut for Asian markets in November is likely to tame oil costs ahead.
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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