Brent crude futures traded near $110 per barrel on Friday and were on track to decline for the second straight week, pressured recently by fears that aggressive monetary tightening in major economies aimed at curbing soaring inflation could lead to a global recession and dampen oil demand. US manufacturing and services PMIs released Thursday came in well below expectations, raising fears of slowing US economic activity. Meanwhile, investors remained cautious amid signs that global crude oil and fuel supply remains tight. Despite agreeing to boost output equivalent to 7% of daily global demand in July and August, OPEC+ has been struggling to hit their increase targets due to underinvestment in oilfields by some members and lost Russian supply. An emergency meeting on Thursday between major US oil refiners and Energy Secretary Jennifer Granholm also failed to produce concrete solutions to reduce oil prices, but the two sides agreed to work together.

Historically, Brent crude oil reached an all time high of 147.50 in July of 2008. Brent crude oil - data, forecasts, historical chart - was last updated on June of 2022.

Brent crude oil is expected to trade at 117.00 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 129.45 in 12 months time.

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Brent crude oil

Price Day Month Year
Crude Oil 107.62 3.350 3.21% -0.12% 45.33%
Brent 113.12 3.07 2.79% 1.80% 48.49%
Natural gas 6.22 -0.0190 -0.30% -30.84% 76.70%
Gasoline 3.88 0.1192 3.17% 4.28% 71.60%
Heating Oil 4.36 0.0250 0.58% 16.37% 102.99%
Coal 397.00 2.00 0.51% -0.75% 210.88%
Ethanol 2.82 0.0100 0.36% 2.36% 19.03%
Naphtha 802.89 1.85 0.23% -9.31% 26.54%
Propane 1.21 -0.001 -0.08% -1.54% 24.85%
Uranium 48.45 0.4500 0.94% 2.54% 49.54%
Methanol 2,560.00 -25.00 -0.97% -5.47% -0.66%

Brent crude oil
Brent Crude oil is a major benchmark price for purchases of oil worldwide. While Brent Crude oil is sourced from the North Sea the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil. The Brent prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
Actual Previous Highest Lowest Dates Unit Frequency
113.12 110.05 147.50 2.23 1970 - 2022 USD/BBL Daily