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Brent Crude Oil Price Outlook

Brent crude oil prices plunged in recent weeks on an unexpected slumping of Chinese demand due to the coronavirus fallout. Furthermore, the lack of action from OPEC+ and easing tensions in the Middle East also weighed on prices. On 14 February, oil prices traded at USD 57.4 per barrel, which was 11.0% lower than on the same day last month. Moreover, the benchmark price for global crude oil was 10.4% lower than on the same day last year and was down 15.3% on a year-to-date basis. The coronavirus outbreak at the outset of 2020 has severely disrupted economic activity in China—the world’s largest oil importer. The lockdown of several major cities, extensive travel restrictions and a downturn in industrial activity dented Chinese demand for oil, while fears about its fallout to the rest of the world dampened the global growth outlook. Consequently, the International Energy Agency and OPEC cut their 2020 oil demand forecasts and the OPEC+ technical committee issued a recommendation to significantly deepen existing supply cuts in order to contain sliding oil prices. However, the lack of action from OPEC+ in response to the recommendation and still-increasing oil production in North America piled further downward pressure on global oil prices. That said, a dramatic downturn in Libyan oil output cushioned slumping Brent crude oil prices, as the country essentially halted refining operations amid ongoing internal conflict.

Brent Crude Oil Price History Data (USD per barrel, aop)

2015  2016  2017  2018  2019  
Brent Crude Oil 52.42  43.83  54.26  71.01  64.32  

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities.

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Brent Crude Oil Historical Price Chart


Brent Crude Oil historical price chart
Note: Brent Crude Oil, prices in USD per barrel (bbl). Daily prices.

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities

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