Brent Crude Oil Price OutlookBrent crude prices decreased over the past month, due to concerns over demand as renewed lockdowns panicked markets amid rising global crude oil supply. On 11 September, oil prices traded at USD 39.9 per barrel, which was down 10.7% from the same day last month. Moreover, the benchmark price for global crude oil was down 35.9% from the same day last year and was 39.9% lower on a year-to-date basis. Global crude oil prices dipped in recent weeks as demand expectations declined. The economic recovery in the U.S. and China lost some momentum in July and August as pent-up demand following the easing of lockdown restrictions—particularly in May and June—softened. Moreover, some lockdown and travel restrictions were reinstated in key economies as the number of new daily Covid-19 cases remained elevated in recent months, which dragged on prices. On the supply front, OPEC+ members increased production in July as curtailment quotas eased from May–June’s peak. Moreover, output likely rose again in August, while U.S. crude oil inventories posted the first weekly gain in six weeks in early September, thus pushing prices lower over the past month.
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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