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Brent Crude Oil Prices

Brent crude oil prices averaged USD 81.80 per barrel in February, up 3.4% from January. On 29 February, the commodity traded at USD 83.78 per barrel, up 2.3% from 31 January.

Investors raised their holdings of Brent crude on the ICE exchange to the highest level since early March 2023 in February. Supply jitters were likely the cause: OPEC+ continued to curb its output, and tensions in the Middle East remained elevated, with disruptions to shipping in the Red Sea continuing. However, weak demand—which had caused prices to decline in every month of Q4—appeared to persist, keeping oil prices comfortably below the highs seen in 2022 and 2023.

This chart displays Brent Crude Oil (US$/bbl) from 2022 to 2024.

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 - - - - - 112.08 97.72 88.64

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Price forecasts and historical data for Brent Crude Oil.

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