Brent crude futures traded near $117 per barrel on Wednesday, consolidating recent gains after a three-day rally, as investors weighed concerns over a potential demand slowdown against signs of ongoing supply tightness. Industry data showed US crude inventories declined 3.799 million barrels last week, much worse than market expectations for a 110,000 barrel drop. The UK oil benchmark also jumped 2.5% in the previous session following reports that major producers Saudi Arabia and UAE are at, or very close to, near-term capacity limits, while political unrest in Libya and Ecuador threatened to tighten supply further. This comes ahead of an OPEC+ meeting this week, where the group is expected to stick to its policy of modest output increases. Meanwhile, G7 leaders agreed to explore a price cap on Russian oil aimed at depleting Moscow’s war chest. However, government data showed Russia is actually getting higher prices for its oil due to strong demand in Asia.

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 117.01 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 129.51 in 12 months time.

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Brent crude oil

Price Day Month Year
Crude Oil 111.21 -0.550 -0.49% -5.14% 51.37%
Brent 117.24 -0.74 -0.63% -0.31% 57.12%
Natural gas 6.76 0.2100 3.21% -22.10% 85.23%
Gasoline 3.89 -0.0482 -1.22% -3.74% 73.38%
Heating Oil 4.16 -0.0393 -0.94% 2.26% 95.47%
Coal 393.50 1.05 0.27% -1.87% 185.66%
Ethanol 2.81 0 0% 1.88% 18.09%
Naphtha 802.77 0.70 0.09% -9.64% 26.73%
Propane 1.22 0.002 0.13% -1.40% 25.50%
Uranium 50.10 0.7500 1.52% 4.70% 54.87%
Methanol 2,569.00 39.00 1.54% -7.56% 0.47%

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
117.47 117.98 147.50 2.23 1970 - 2022 USD/BBL Daily