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Brent Crude Oil Price Outlook

Brent Crude Oil prices rallied in recent weeks and hit their highest level in over two years on 26 September. Evidence that efforts by key crude producers to cut oil production are bearing fruit and strong global growth are pushing up oil prices. On 6 October, Brent Crude Oil prices traded at USD 55.8 per barrel, which was 2.4% higher than on the same day in September. The benchmark price for global crude oil markets was up 1.1% on a year-to-date basis and was 11.3% higher than on the same day last year. Oil prices soared in recent weeks due to a combination of various supply and demand factors. On the demand side, global economic growth remains strong, pushing up demand for the black gold. In this regard, U.S. crude oil inventories in the U.S. declined sharply in the seven days to 29 September. On the other hand, Russia and Saudi Arabia, countries that produce one-fifth of global oil supply, renewed their pledge to limit crude production and hinted at the possibility to extend the cuts to the end of 2018 if deemed necessary. The new supply cap will be agreed at the 30 November OPEC meeting. Moreover, the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) stated on 22 September that the countries participating in the oil deal had reached a conformity level of 116% in August, the highest level since the implementation of the accord.

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

2012  2013  2014  2015  2016  
Brent Crude Oil111.67  108.69  98.9  52.42  43.83  

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

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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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