Brent crude futures recovered above $72 per barrel on Wednesday, after dipping to 3-month lows below $68 in the previous session, as investors await an OPEC’s response to the threat of the Omicron variant to fuel demand. OPEC will meet on Wednesday ahead of another meeting with its allies on Thursday. The group is widely expected to pause plans to add 400,000 barrels per day of supply in January due to demand and supply factors, with the new variant prompting fresh travel curbs and after major consumers released emergency reserves. However, a Reuters survey found that even if the group decides to go ahead with the planned supply increase, it may struggle to add much due to capacity constraints. Meanwhile, data from the American Petroleum Institute showed that US crude stocks declined less than expected while gasoline inventories rose despite expectations for no change.

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 December of 2021.

Brent crude oil is expected to trade at 70.99 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 65.60 in 12 months time.

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Brent crude oil

Price Day Month Year
Crude Oil 69.28 3.1000 4.68% -15.96% 53.00%
Brent 72.63 3.4000 4.91% -14.27% 50.53%
Natural gas 4.44 -0.1260 -2.76% -19.87% 59.75%
Gasoline 1.97 0.0306 1.58% -19.57% 58.94%
Heating Oil 2.15 0.0930 4.51% -14.15% 57.61%
Coal 152.00 -7.30 -4.58% 1.33% 116.99%
Ethanol 3.41 -0.0200 -0.58% 26.82% 164.98%
Naphtha 733.07 -0.96 -0.13% -5.27% 87.58%
Propane 1.26 -0.005 -0.39% -11.44% 122.87%
Uranium 47.15 -0.1000 -0.21% 7.65% 60.10%
Methanol 2,704.00 5.00 0.19% -3.12% 18.86%

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.