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Brent finished the day at $74.14 and WTI was $69.51. [22] Because of negative economic news worldwide and the prospect of lower demand, oil finished down for the fourth straight quarter, with Brent ending second quarter 2023 at $74.90, down 6 percent, and WTI at $70.64, down 6.5 percent.
Oil platform in the North Sea. Brent Crude may refer to any or all of the components of the Brent Complex, a physically and financially traded oil market based around the North Sea of Northwest Europe; colloquially, Brent Crude usually refers to the price of the ICE (Intercontinental Exchange) Brent Crude Oil futures contract or the contract itself.
The breakeven price for North American shale oil was US$68 a barrel in 2015, making it one of the most expensive to produce. By 2019, the "average Brent breakeven price for tight oil was about US$46 per barrel. The breakeven price of oil from Saudi Arabia and other Middle Eastern countries was US$42, in comparison. [141]
International benchmark Brent crude traded at $72.57 per barrel, down from around $80 in July. ... One result of those slack prices is that U.S. average pump prices for gasoline fell to $3.03 a ...
Instead, I've created this graph, which uses all available monthly average Brent spot prices from this EIA spreadsheet and the United States Consumer Price Index for All Urban Consumers (CPI-U), seasonally adjusted, from here (This is a direct link; but there may be a better one). The monthly numbers and limited date range give good detail, and ...
The 2023 addition of U.S. crude to the benchmark had the potential to limit the scope for trading plays that can distort Brent prices, analysts said at the time.
Oil prices will fall to an average of $65 per barrel in 2025 amid an oversupply of crude and a backdrop of ... JPMorgan forecasts Brent slipping from an average of $80 per barrel this year to $73 ...
The OPEC Reference Basket (ORB), also referred to as the OPEC Basket, is a weighted average of prices for petroleum blends produced by OPEC members. It is used as an important benchmark for crude oil prices. OPEC has often attempted to keep the price of the OPEC Basket between upper and lower limits, by increasing and decreasing production.