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Brent Crude Oil Prices

Brent prices averaged USD 92.7 per barrel in September, up 8.8% from August’s price and 2.3% higher year on year. Meanwhile, on 29 September, Brent traded at USD 95.4 per barrel, 9.8% higher month on month.

The 8.8% rise in the spot price in September was the sharpest since the war in Ukraine began. The second- and third-sharpest rises were in July and August, respectively, signaling strong recent momentum in the oil market. Data released by the IEA in September showed that global observed oil inventories fell to a 13-month low in August, pointing toward the pressure in the market created by production cuts by Russia and Saudi Arabia, in place since July.

This chart displays Brent Crude Oil (US$/bbl) from 2022 to 2023.

Brent Crude Oil (prices in US$/bbl, aop)

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022
Brent Crude Oil - - - - 97.96 112.08 97.72 88.64

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Price forecasts and historical data for Brent Crude Oil.

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