Brent Crude Oil Price OutlookBrent crude oil prices crashed after Saudi Arabia and Russia launched a price war on 8 March, sparking a supply shock at a point when the coronavirus outbreak was increasingly weighing on global oil demand. On 13 March, oil prices traded at USD 33.0 per barrel, which was down 41.4% from the same day last month. Moreover, the benchmark price for global crude oil was down 49.9% from the same day last year and was 51.3% lower on a year-to-date basis. Turmoil in the global oil markets reached near-unprecedented levels in the past month as both supply and demand shocks battered crude prices. On the one side, the fast-spreading coronavirus outbreak caused increasing economic havoc among some of the world’s most industrialized nations, in turn denting demand for black gold amid mounting fears of a global recession. On the other side, the emergency OPEC+ meeting held in early March resulted in the failure to agree on cutting production, triggering a price war between Saudi Arabia and Russia. As such, with Saudi Arabia gearing up to raise production and offer deep discounts on prices, and Russia seemingly committed to winning market share back from the U.S. shale industry, a dramatic supply shock sent Brent crude oil prices plummeting to below USD 35.0 per barrel—the biggest fall since the 1991 Gulf War.
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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