Brent Crude Oil Price OutlookBrent crude oil prices stabilized in recent weeks after falling sharply in May and the first days of June on the back of fears of a global slowdown and escalating trade tension between China and the United States. On 5 July, oil prices traded at USD 64.2 per barrel, which was 3.3% higher than on the same day last month. Moreover, the benchmark price for global crude oil was 16.7% lower than on the same day last year, although it was up 27.0% on a year-to-date basis. Oil prices were influenced by diverging forces in recent weeks. Uncertainty about the health of the global economy and the trade spat between the two superpowers sparked concerns about a fall in demand for the black gold. Moreover, the U.S. continued to post new oil production highs thanks to its booming shale industry. On the other hand, oil production cuts by OPEC+, falling production in Venezuela, fears of supply disruptions in Libya and Nigeria, and U.S. sanctions against Iran’s oil industry threatened to tighten global oil supply.
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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