Brent crude

brent crude

What is Brent crude oil?

It is used to set the price of two-thirds of the worlds internationally traded crude oil supplies. It is one of the two main benchmark prices for purchases of oil worldwide, the other being West Texas Intermediate (WTI) . Popular media references to Brent crude usually refers to the ICE Brent crude oil futures price.

Is Brent crude oil’s quality dependent on the North Sea?

Although Brent crude is well-established in the world’s markets, its continued importance is not assured. North Sea oil reserves are depleting. New sources of crude from outside the North Sea could help guard against supply-side price swings, but also affect Brent’s consistent quality.

What will be the price of Brent crude oil in 2021?

Brent crude oil - data, forecasts, historical chart - was last updated on December of 2021. Brent crude oil is expected to trade at 68.07 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 62.82 in 12 months time.

How many contracts are there in the Brent crude oil futures Series?

One contract equals 1,000 barrels (159 m 3) and quoted in U.S. dollars. Up to 96 contracts, for 96 consecutive months, in the Brent crude oil futures contract series are available for trading. For example, before the last trading date for May 2020, 96 contracts, from contracts for May 2020, June 2020, July 2020...

What is Brent crude oil and where does it come from?

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.

What is the meaning of Brent oil price?

Brent is the leading global price benchmark for Atlantic basin crude oils. It is used to set the price of two-thirds of the worlds internationally traded crude oil supplies. It is one of the two main benchmark prices for purchases of oil worldwide, the other being West Texas Intermediate (WTI).

Is Brent crude oil’s quality dependent on the North Sea?

Although Brent crude is well-established in the world’s markets, its continued importance is not assured. North Sea oil reserves are depleting. New sources of crude from outside the North Sea could help guard against supply-side price swings, but also affect Brent’s consistent quality.

What factors affect the price of Brent crude oil?

There are large numbers of factors influencing the crude oil prices and the prices of Brent crude oil futures, such as global macroeconomic conditions, political, war, market speculation, production costs, supply and demand, the value of U.S. Dollar and so on.

What will happen to Brent oil prices in 2021?

According to the US Energy Short-term forecast (EIA), published on May 11, 2021, they are projected to average $65 per barrel in the second quarter of 2021, and then an average of 61 per barrel in the second half of 2021, therefore, a correction is expected to develop. Brent crude oil prices were high in 2020, averaging $64 a barrel in January.

What will be the price of crude oil in 2021?

(13 May 2021) Brent crude oil prices will average $62.26 per barrel in 2021 and $60.74 per barrel in 2022 according to the forecast in the most recent Short-Term Energy Outlook from the US Energy Information Administration (EIA). This represents a rebound from the 2020 average of $41.69 per barrel, but it is still lower than pre-COVID levels.

When was the last time Brent crude oil was last updated?

Brent crude oil - data, forecasts, historical chart - was last updated on December of 2021. Brent crude oil is expected to trade at 68.07 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

What will crude oil prices be worth in 2023?

ANZ Research forecasts Brent to trade at an average of $86.20 per barrel in 2023, slightly down from its $86.80 per barrel forecast for 2022. It predicts WTI to rise to $85.10 in 2023, compared to a forecast of $83.90 per barrel this year.

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