Brent crude oil prices averaged USD 73.51 per barrel in November, down 2.3% from October. On 29 November, the commodity traded at USD 73.20 per barrel, unchanged from 31 October.
November’s drop was the sixth in eight months, with the net long position of hedge funds on the ICE exchange languishing at one of the lowest levels in a decade. Tensions between Iran and Israel have cooled, reducing risks to the supply outlook. Moreover, OPEC+ is facing rising competition from non-cartel producers, with U.S. output remaining near record levels in September. Finally, data released in November showed that Chinese demand contracted for the sixth straight month in September.
This chart displays Brent Crude Oil (US$/bbl) from 2022 to 2024.
Brent Crude Oil (prices in US$/bbl, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Brent Crude Oil | 82.24 | 77.89 | 85.88 | 82.97 | 81.87 | 85.02 | 78.87 | - |