Silhouette of drilling rig on the sea

Brent Crude Oil Prices

Brent prices averaged USD 85.2 per barrel in August, up 6.3% from July’s price but 12.8% lower year on year. Meanwhile, on 31 August, Brent traded at USD 86.9 per barrel, 1.5% higher month on month.

The 6.3% rise in the spot price in August was the second highest since the war in Ukraine began, after that seen in July. The rise comes after the crude market fell into deficit in July. Demand likely continued to be stoked by seasonal factors and rising services activity. In contrast, supply likely continued to be hit by lower output from Russia and Saudi Arabia, who pledged in July to cut output in August. The two countries’ announcements in August of further cuts in September likely further stoked the bull rally. However, the rally was likely limited by weak economic data for China and the Euro area.

This chart displays Brent Crude Oil (US$/bbl) from 2021 to 2023.

Brent Crude Oil (prices in US$/bbl, aop)

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022
Brent Crude Oil - - 73.3 79.7 98.0 112.1 97.7 88.6

Free sample report

Price forecasts and historical data for Brent Crude Oil.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest