Brent crude oil futures rose above $73 per barrel on Wednesday as traders anticipate another delay in output increase by OPEC+ and were digesting easing geopolitical risks following the Israel-Hezbollah cease-fire. Markets are closely awaiting the OPEC+ meeting on December 1, with reports suggesting the group will delay January’s planned production increase by several months due to signs of a supply glut. Meanwhile, Middle East tensions eased after Israel and Hezbollah reached a 60-day cease-fire deal through US-mediated talks. However, both sides resumed attacks shortly after President Biden's announcement, underscoring the challenges of securing a lasting agreement. On the demand side, API data revealed a 5.9 million barrel drop in US crude oil inventories last week, the largest decline since August, defying expectations of a 0.25 million barrel increase.

Brent decreased 4.17 USD/BBL or 5.41% since the beginning of 2024, 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 November 27 of 2024.

Brent decreased 4.17 USD/BBL or 5.41% since the beginning of 2024, 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 74.99 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 78.16 in 12 months time.





Price Day Month Year Date
Crude Oil 68.65 -0.116 -0.17% 1.89% -10.36% Nov/27
Brent 72.60 -0.214 -0.29% 2.25% -10.63% Nov/27
Natural gas 3.24 -0.2224 -6.41% 13.33% 15.96% Nov/27
Gasoline 1.98 -0.0074 -0.37% 0.39% -9.60% Nov/27
Heating Oil 2.22 -0.0199 -0.89% 4.22% -20.03% Nov/27
Coal 141.00 0 0% -2.42% 10.16% Nov/26
Ethanol 1.55 -0.0200 -1.27% 1.97% -16.98% Nov/26
Naphtha 623.35 -1.41 -0.23% -3.58% -0.41% Nov/26
Propane 0.80 -0.001 -0.16% 12.95% 26.07% Nov/26
Uranium 77.80 0.6000 0.78% -3.35% -3.95% Nov/26
Methanol 2,531.00 -43.00 -1.67% 2.43% 4.76% Nov/27
Urals Oil 67.84 0.31 0.46% 4.19% 9.53% Nov/26


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
72.87 72.81 147.50 2.23 1970 - 2024 USD/BBL Daily