Brent crude futures gained more than 1% to $113 a barrel on Monday, as concerns over reduced supply outweighed fears that a global economic slowdown will lower demand. Output from 10 OPEC members fell by 100K bpd to 28.52 million bpd in June, off their pledged increase of about 275K bpd, a Reuters survey showed. Also, Libya's exports have dropped to between 365K bpd and 409K bpd, down about 865K bpd compared to normal levels. Moreover, about 130K bpd of Norway’s daily oil output will be lost due to a planned strike by Norwegian energy sector workers. Oil prices are up almost 50% this year, due to Russia’s invasion of Ukraine, strong consumer demand and weak supply.

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 July of 2022.

Brent crude oil is expected to trade at 115.50 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 127.95 in 12 months time.

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Brent crude oil

Price Day Month Year
Crude Oil 110.40 2.320 2.14% -4.88% 50.47%
Brent 113.51 1.87 1.68% -2.96% 47.11%
Natural gas 5.85 0.0010 0.02% -37.12% 54.45%
Gasoline 3.66 -0.0034 -0.09% -8.24% 58.24%
Heating Oil 3.94 -0.0019 -0.05% -6.91% 79.28%
Coal 396.45 8.45 2.18% -4.53% 181.67%
Ethanol 2.54 -0.2499 -8.96% -8.80% 8.55%
Naphtha 811.82 8.89 1.11% -4.21% 19.91%
Propane 1.22 0.001 0.07% -1.14% 9.51%
Uranium 51.25 0.4000 0.79% 2.91% 56.73%
Methanol 2,511.00 -40.00 -1.57% -11.52% -0.91%

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
113.49 111.63 147.50 2.23 1970 - 2022 USD/BBL Daily