Brent Crude Oil Price Outlook

Brent crude oil prices were subdued in the first half of May amid an extremely downbeat global demand backdrop and still-high global inventory levels. That said, prices rebounded somewhat in recent days as April’s OPEC+ product cuts feed through into markets. On 15 May, oil prices traded at USD 32.6 per barrel, which was up 17.2% from the same day last month. That said, the benchmark price for global crude oil was down 54.9% from the same day last year and was 50.8% lower on a year-to-date basis. Brent crude oil prices hovered around the historically-low USD 30.0 per barrel mark in the first half of May, as the coronavirus-related demand shock continued to batter global oil markets amid still-elevated production levels. Nevertheless, early signs suggest a gradual rebalancing of the global market may be underway. On the demand side, recovering economic activity in China, coupled with the easing of containment measures in the U.S. and most major European countries, exerted some upward pressure on oil prices in the first half of May. Meanwhile, following unprecedented output cuts announced by OPEC+ in mid-April and a faster-than-expected production decline in North America, global oil output is set to hit a near one-decade low in May, thus further supporting oil prices in recent days.

Brent Crude Oil Price History Data (USD per barrel, aop)

2015  2016  2017  2018  2019  
Brent Crude Oil 52.42  43.83  54.26  71.01  64.32  

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Brent Crude Oil Historical Price Chart


Brent Crude Oil historical price chart
Note: Brent Crude Oil, prices in USD per barrel (bbl). Daily prices.

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities

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