Crude oil prices: Brent Crude 2014-2021

Brent crude oil is forecast to have a price of 67.53 U.S. dollars per barrel in 2021. Also known as Brent Blend, London Brent, and Brent petroleum, Brent Crude is a crude oil benchmark named after the exploration site in the Brent oilfield in the North Sea. It is a sweet light crude oil but slightly heavier than West Texas Intermediate. In this context, sweet refers to a low sulfur content, and light refers to a relatively low density, when compared to other crude oil benchmarks.

Brent crude oil prices

  It is no secret that oil prices are volatile. The price for Brent crude oil stood at an average of 64.36 U.S. dollars per barrel in 2019. Annual average prices were the highest on record in 2012, at 111.63 U.S. dollars per barrel. By 2020, it is forecast that it will fall to 65 U.S. dollars per barrel. However, compared to Brent Crude’s average 2016 price of 43.74 U.S. dollars per barrel, the price has recovered reasonably well since the oil glut that occurred between 2014 and 2017.

Brent Crude oil prices from 2014 to 2021

Price in U.S. dollars per barrel
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Source

Release date

January 2020

Region

United States

Survey time period

2014 to 2019

Supplementary notes

* Forecast.

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