Brent Crude Oil Price OutlookBrent Crude Oil prices continued to post solid gains in November, supported by restricted global supply and hefty demand as the global economy fires on all cylinders. On 1 December, prices traded at USD 64.6 per barrel, which was up 5.9% from the same day in October and marked the highest level in nearly two and a half years. The benchmark price for global crude oil markets was 17.0% higher on a year-to-date basis and was up 23.3% from the same day last year. On 30 November, OPEC members and Russia sealed the extension of the oil cut deal to December 2019, a nine-month extension, which will shore up crude prices in the coming months. Oil prices received a boost in November from the crisis in Saudi Arabia, following Crown Prince Mohammed bin Salman’s decision to arrest more than 200 people in a crackdown on corruption. While the direct economic impact is expected to be limited, this move has fanned political unrest in the region’s largest oil producer. In the Middle East, renewed tensions between the Saudi Kingdom and Iran continue to buttress economic and political uncertainty, adding upward pressure on prices.
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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