Brent crude futures rose more than 3% to above $79 per barrel on Monday, as rising attacks in the Red Sea led oil companies and tanker owners to steer clear of the region. Houthi militant assaults on commercial vessels in Yemen intensified over the weekend, causing major shipping companies to avoid the Suez Canal. BP Plc and Equinor ASA have halted shipments through the Red Sea, while Euronav NV is prioritizing safety and temporarily keeping its ships away from the area. In addition, Russia announced deeper oil export cuts in December, aiming to boost oil prices. The country also suspended a significant portion of its Urals crude loadings due to a storm.
Brent decreased 6.44 USD/BBL or 7.52% since the beginning of 2023, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. 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 18 of 2023.
Brent decreased 6.44 USD/BBL or 7.52% since the beginning of 2023, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil is expected to trade at 77.09 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 78.05 in 12 months time.
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 | ||
|---|---|---|---|---|---|---|---|---|
| 79.21 | 76.55 | 147.50 | 2.23 | 1970 - 2023 | USD/BBL | Daily |
I'm an expert in the field of global oil markets and commodity trading, and my extensive knowledge is grounded in years of in-depth research and analysis. My proficiency is underscored by a keen understanding of the complexities that shape oil prices, ranging from geopolitical events to supply and demand dynamics. I have closely monitored and interpreted market trends, enabling me to provide valuable insights into the factors influencing oil prices.
In the recent developments outlined in the provided article, the surge in Brent crude futures to over $79 per barrel on Monday is attributed to escalating attacks in the Red Sea, prompting oil companies and tanker owners to avoid the region. Notably, Houthi militant assaults on commercial vessels in Yemen have intensified, leading major shipping companies to steer clear of the Suez Canal. BP Plc and Equinor ASA have suspended shipments through the Red Sea, and Euronav NV is prioritizing safety by temporarily keeping its ships away from the affected area.
Russia's announcement of deeper oil export cuts in December also played a significant role in driving Brent crude prices higher. The country's decision to suspend a substantial portion of its Urals crude loadings due to a storm further contributed to the market dynamics.
To contextualize the current price movements, it's crucial to note that Brent crude oil has experienced a decrease of 6.44 USD/BBL or 7.52% since the beginning of 2023, based on trading on a contract for difference (CFD). This information is derived from a benchmark market that reflects the commodity's performance.
In terms of historical context, Brent crude oil reached an all-time high of 147.50 USD/BBL in July of 2008. The data provided is sourced from over-the-counter (OTC) and contract for difference (CFD) financial instruments. It's essential to understand that the prices displayed in platforms like Trading Economics serve as references rather than direct bases for making trading decisions. Additionally, the platform does not independently verify the data and disclaims any obligation to do so.
Looking ahead, Trading Economics' global macro models and analysts' expectations suggest that Brent crude oil is anticipated to trade at 77.09 USD/BBL by the end of this quarter, with an estimated increase to 78.05 in 12 months' time. These forecasts are indicative of the platform's projections based on prevailing market conditions and expert analyses.
