Monthly crude oil price average for Brent 2018-2019

This statistic illustrates the price of the crude oil grade Brent Crude for the period between December 2018 to December 2019, in average monthly values. Brent Crude is the world's leading price benchmark for Atlantic basin crude oils. It is used to price two thirds of the internationally traded crude oil supplies. In November 2019, the price of one barrel of Brent Crude oil was approximately 67.31 U.S. dollars. Brent Crude is the most significant crude oil benchmark for Europe. Brent crudes originate in the North Sea and include oils from Brent and Forties Oil Field in the United Kingdom, and from the Oseborg and Ekofisk oil fields, both in Norway.

UK Brent crude oil price

Other names for Brent Crude are Brent Blend, London Brent and Brent petroleum. The name Brent comes from the Brent oil field, located north-east of the Shetland Islands, and thus part of the United Kingdom. Because the Brent oil field already passed its production peak, today the benchmark Brent Crude includes oil from the other three major oil fields. Brent, beneath West Texas Intermediate (WTI), is one of the lightest crude oils. With a low content of sulphur, it is ranged among the so called sweet crude oils. Most of the Brent Crude oil is refined into gasoline and middle distillates in Northwest Europe.

Other crucial benchmarks for crude oil prices are West Texas Intermediate (WTI), which is especially important for North America, and Dubai Crude (Fateh), which dominates the Asian oil market. Such benchmarks are indispensable for referencing the many types and grades of oil on the global market.

With a few exceptions, there was a nearly constant increase in the price for one barrel of Brent Crude oil in the last fifteen years. For example, the average price per barrel stood at nearly 25 U.S. dollars in 2002. Until 2012, this price increased to almost 112 U.S. dollars. In 2010, however, the price fell under the mark of 100 U.S. dollars. The price in 2014 saw a rapid decrease, with monthly crude oil prices falling under 65 U.S. dollars per barrel, then fell even further to a low of 30.70 U.S. dollars per barrel in January 2016. Since then, prices have increased gradually.

Average monthly Brent crude oil price from December 2018 to December 2019 (in U.S. dollars per barrel)*

Price in U.S. dollars per barrel
Dec 1967.31
Nov 1963.21
Oct 1959.71
Sep 1962.83
Aug 1959.04
Jul 1963.92
Jun 1964.22
May 1971.32
Apr 1971.23
Mar 1966.14
Feb 1963.96
Jan 1959.41
Dec 1857.36
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Sources

Release date

January 2020

Region

Worldwide

Survey time period

December 2018 to December 2019

Supplementary notes

*All figures have been rounded; monthly average values.

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