Brent fell to 69.48 USD/Bbl on August 1, 2025, down 3.10% from the previous day. Over the past month, Brent's price has risen 0.54%, but it is still 9.54% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil - values, historical data, forecasts and news - updated on August of 2025.

Brent crude oil is projected to have an average annual spot price of 65.85 U.S. dollars per barrel in 2025, according to a forecast from May 2025. This would mean a decrease of nearly 15 U.S. dollars compared to the previous year, and also reflects a reduced forecast WTI crude oil price. Lower economic activity, an increase in OPEC+ production output, and uncertainty over trade tariffs all impacted price forecasting. All about Brent Also known as Brent Blend, London Brent, and Brent petroleum, Brent Crude is a crude oil benchmark named after the exploration site in the North Sea's Brent oilfield. 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. Price development in the 2020s Oil prices are volatile, impacted by consumer demand and discoveries of new oilfields, new extraction methods such as fracking, and production caps routinely placed by OPEC on its member states. The price for Brent crude oil stood at an average of just 42 U.S. dollars in 2020, when the coronavirus pandemic resulted in a sudden demand drop. Two years later, sanctions on Russian energy imports, had pushed up prices to a new decade-high, above 100 U.S. dollars per barrel.

On July 28, 2025, the Brent crude oil price stood at 69.68 U.S. dollars per barrel, compared to 66.71 U.S. dollars for WTI oil and 70.98 U.S. dollars for the OPEC basket. Brent and OPEC prices rose slightly that week, while WTI prices fell.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (where a contract is agreed upon while product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

Crude Oil fell to 67.26 USD/Bbl on August 1, 2025, down 2.89% from the previous day. Over the past month, Crude Oil's price has fallen 0.28%, and is down 8.51% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on August of 2025.

Brent oil futures charts provide valuable information to traders and investors, allowing them to analyze historical price data, identify trends, and make informed decisions in the volatile oil futures market. This article discusses the use of different chart types, intervals, and technical indicators, as well as the importance of combining technical and fundamental analysis in forecasting Brent crude oil prices.

As of June 2025, the average annual price of Brent crude oil stood at 71.91 U.S. dollars per barrel. This is over eight U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility, such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.

Explore the dynamic factors influencing Brent crude oil prices, including geopolitical tensions, supply-demand shifts, economic trends, and technological advancements. This comprehensive analysis highlights how these elements shape future price forecasts.

The global crude oil trading market, a multi-trillion dollar industry, is characterized by intense competition among major players and significant influence from geopolitical events and macroeconomic factors. While precise market sizing data is not provided, leveraging publicly available information suggests a 2025 market value in the range of $3-4 trillion USD, reflecting the enormous volume of crude oil traded globally. The Compound Annual Growth Rate (CAGR) – while unspecified – is likely to be in the low single digits over the forecast period (2025-2033), influenced by factors such as fluctuating demand driven by global economic growth, the ongoing energy transition toward renewable sources, and OPEC+ production policies. Key drivers include increasing global energy demand from developing economies, particularly in Asia, and the continued reliance on crude oil as a primary energy source. Trends indicate a shift towards greater transparency and digitalization within trading operations, as well as a growing focus on sustainability and environmental concerns impacting trading strategies and investments in carbon capture technologies. Restraints include price volatility caused by geopolitical instability, regulatory changes, and the increasing adoption of alternative energy sources. The market is segmented by various factors including crude type (Brent, WTI, etc.), trading location (spot, futures, etc.), and geographical regions. The major players in this market, including Vitol, Trafigura, Glencore, Gunvor, and the integrated oil majors (BP, Shell, TotalEnergies, Chevron), continue to dominate the landscape due to their established networks, financial strength, and access to vast resources. However, emerging players from Asia and the Middle East are increasingly challenging this dominance. Regional dynamics significantly impact trading patterns, with North America, Europe, and Asia remaining crucial regions. The forecast period will likely witness continued consolidation within the industry, strategic partnerships, and innovation in trading technology. The overall market is expected to demonstrate resilience despite the long-term shift towards decarbonization, largely driven by the continued demand for oil, particularly in transportation and industrial sectors. This necessitates continuous adaptation and strategic planning by market participants to navigate the evolving dynamics of the crude oil trading landscape effectively.

The Energy Information Administration (EIA) provides crucial data and analysis on the pricing of Brent crude oil, a major global benchmark. Find out how these prices are determined, their importance to various stakeholders in the energy industry, and how they can be used to make informed decisions.

The EIA Brent crude oil price is an essential reference for tracking global oil prices. It provides valuable information on the average trading values of Brent crude oil futures contracts and allows for analysis and understanding of price trends. The Brent crude oil price is influenced by various factors, and its fluctuations have a significant impact on energy markets and the broader economy. The EIA's data and analysis on the Brent crude oil price are vital tools for industry professionals, policymak

UK oil and gas production has diminished over the past decade because old oil fields have matured while developing new commercially viable sources has become increasingly challenging. To combat this, extractors have pooled their resources and formed partnerships to enhance efficiency, while some have benefitted from previous investments in fields coming onstream. Oil and gas extracting companies also reaped the rewards of an upsurge in global prices through 2022-23, leading to sharp revenue growth. However, this quickly turned around in 2023-24, with most major companies’ revenue nosediving along with oil prices, as growing global oil and gas from America flooded the market, slightly outpacing demand. Revenue is expected to expand at a compound annual rate of 3.4% over the five years through 2024-25 to just over £33 billion. This includes a forecast hike of 5.3% in 2024-25; however, profit is slated to inch downward over the year as global oil and gas prices remain somewhat flat in the second half of 2024-25. Global oil and gas prices greatly affect the industry's performance, with the Organisation of the Petroleum Exporting Countries (OPEC) putting supply cuts in place and global tensions resulting in price peaks and troughs. In October 2022, OPEC instituted a supply cut of two million barrels of crude oil per day, driving Brent Crude Oil prices up to US$110 (£87.80) per barrel, which has been extended until March 2025, with a ramping up period through September 2025. This is set to keep oil prices stable by limiting global oil supplies in the face of growing production in non-OPEC countries. The sanctions on Russian oil and gas imports because of the Russia-Ukraine conflict add further impetus to prices. The EU has banned imports of Russian-made oil and gas, providing opportunities for UK exporters. Crude oil prices remain high, but significant oil production from non-OPEC countries threatening a glut in the oil market and a significant dip in global demand (especially from China) has made oil prices plummet since July 2024. Despite mounting tensions in the Middle East having the potential to cut oil supply from the region, the ongoing political tensions have yet to significantly impact global prices, with prices hiking up around 10% in the month to October 2024 but remaining relatively low. Oil and gas prices are likely to continue inching downwards in the coming years as the US is forecast to continue ramping up the global oil and gas supply. This, along with an expected drop in global demand for oil and gas in the long term, will limit growth. The UK government will implement policies to create a more favourable environment for extractors and further investment in the North Sea to improve UK energy security. However, the depletion of natural resources, the expensive cost of extraction, low gas and oil prices and the global energy transition will threaten the industry's long-term viability. The government announced a delay to the ban on the sale of new petrol and diesel cars, along with the relaxation of some net-zero policies in September 2023, which should keep fossil fuel explorers afloat for longer. Revenue is forecast to climb at a compound annual rate of 3.4% over the five years through 2029-30 to just over £39 billion.

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of June. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

Brent crude oil futures quotes are an important tool for monitoring and analyzing the price movements of Brent crude oil. Market participants can use these quotes to make trading decisions and conduct market analysis.

Petroleum refining companies in the UK produce a wide variety of products. Fuels for transport and heating are the most common, with petroleum products for transport accounting for almost three-quarters of product demand. Industry revenue is expected to swell at a compound annual rate of 2.6% over the five years through 2024-25 to £50.7 billion, including a forecast dip of 0.2% in 2024-25, owing to staggering volatility in oil prices in recent years. The COVID-19 pandemic took its toll on the industry. Global border and travel restrictions dented both demand for fuel and fuel prices, weighing on revenue and profitability for refiners. However, this trend was quickly reversed following Russia's invasion of Ukraine in February 2022. This led to the UK and other major economies announcing they would wean themselves off Russian oil, leading to a sharp spike in oil prices over 2022-23 and, to a lesser degree, 2023-24. Strong oil price inflation translated into higher value sales for refined oil companies, paving the way for a strong recovery. A number of petroleum refiners have altered their production to focus on diesel as the new primary fuel. Both petrol and diesel face rising competition from alternatively fuelled vehicles due to their reduced emissions, lowering demand for oil-derived fuels. Industry revenue is forecast to climb at a compound annual rate of 6.1% over the five years through 2029-30 to £68.4 billion. Demand for petrol and diesel-fuelled vehicles is set to fall due to government initiatives designed to reduce emissions, including the extension of Clean Air Zones and the banning of new petrol and diesel cars by 2030. Demand for pure electric vehicles will continue to climb, presenting a significant threat to fuel demand in the long term.

The Brent Crude Oil Futures Price Chart provides valuable insights into the historical and current trends of Brent crude oil prices. It allows users to identify price patterns, trends, and potential reversals, and offers various customization options and technical analysis tools.

This data set is used in the Master's thesis: "A Comparison of Price Fluctuations Between Brent Crude Oil and Retail Fuel Prices in Stavanger - An Algorithmic Model for Refueling" by Ola Nes (2021) The data set contains the fuel prices collected (Excel and CSV files), and the Python code which contains all functions used in the thesis. Abstract for thesis: "This thesis investigates and compares the volatility in the retail fuel market in Stavanger and Brent crude oil. Gasoline and diesel prices have been collected from gas stations in Stavanger in 2020 and 2021, and are used for the thesis’ main goal of developing an algorithmic mathematical model for refueling vehicles at optimal times for consumers that could be used in practice. The collected data suggests that there is higher volatility in the retail fuel market in Stavanger compared to the Brent crude oil market. Gas stations follow a characteristic Edgeworth cycle pattern that have price spikes occur when restarting their price cycles. These occur for the most part at the same time across all gas stations monitored in Stavanger. This pattern can be difficult for consumers to predict. Therefore, a practical refueling algorithm could be useful. There are many factors that go in to such a model to make it efficient such as price spike analysis from the Edgeworth cycle pattern found in retail fuel markets and estimating volatility using GARCH(1,1) method."

As per Cognitive Market Research's latest published report, the Global Oil Exploration and Production market size is $3,588.98 Million in 2024 and it is forecasted to reach $5,116.57 Billion by 2031. Oil Exploration and Production Industry's Compound Annual Growth Rate will be 5.20% from 2024 to 2031. Market Dynamics of the Oil Exploration and Production Market

Market Driver for the Oil Exploration and Production Market

The increasing investment in oil sector by several government bodies worldwide elevates the market growth 

Many countries view a stable and secure energy supply as crucial for their economic development and national security. Investing in the oil sector helps ensure a reliable source of energy. Oil exploration and production contribute significantly to the economic growth of a country. Governments often invest in the oil sector to capitalize on the potential for high returns, which can be used to fund public services, infrastructure projects, and other essential programs. Despite efforts to transition to renewable energy sources, the global demand for oil remains high. Governments recognize the need to meet this demand and ensure a stable energy supply to support industrial processes, transportation, and other key sectors. The oil and gas industry encompasses activities linked to exploration, including the search for hydrocarbons, identification of high-potential areas for oil and gas extraction, test drilling, the construction of wells, and initial extraction. According to the Center on Global Energy Policy, data 2023, the 2021–22 period of high oil and gas prices did not lead to a significant increase in capital spending by private companies despite record profits. One exception has been upstream exploration and production (E&P) companies, whose capital spending in 2022 was the highest since 2014.   According to the International Labor Organization (ILO), data 2022, the oil and gas industry makes a significant contribution to the global economy and to its growth and development worldwide. The oil industry alone accounts for almost 3 per cent of global domestic product. The trade in crude oil reached US$640 billion in 2020, making it one of the world’s most traded commodities. Additionally, the industry is highly capital-intensive. Globally investments in oil and gas supply reached more than US$511 billion in 2020. According to the oil and gas industry outlook, data 2023, rapid recovery in demand, and geopolitical developments have driven oil prices to 2014 highs and upstream cash flows to record levels. In 2022, the global upstream industry is projected to generate its highest-ever free cash flows of $1.4 trillion at an assumed average Brent oil price of $106/bbl. Until now, the industry has practiced capital discipline and focused on cash flow generation and pay-out—2022 year-to-date average O&G production is up by 4.5% over the same period last year, while 2022 free cash flows per barrel of production is projected to be higher by nearly 70% over 2021. In addition, high commodity prices and growing concerns over energy security are creating urgency for many to diversify supply and accelerate the energy transition. As a result, clean energy investment by Oil &Gas companies has risen by an average of 12% each year since 2020 and is expected to account for an estimated 5% of total Oil & Gas capex spending in 2022, up from less than 2% in 2020.Therefore, investments made over recent decades enabled the United States to become a world leader in oil and natural gas production. Thus, owing to increased oil production, the demand for oil exploration and production has surged during the past few years.

The rising demand for oil across both commercial and residential sector is expected to drive the market growth 

Oil remains a primary source of energy for transportation, including cars, trucks, ships, and airplanes. The growing global population, urbanization, and increased industrial activity contribute to a rise in the number of vehicles and the overall demand for transportation fuels derived from oil, such as gasoline and diesel. Many industrial processes rely on oil and its by-products as energy sources and raw materials. Industries such as manufacturing, petrochemicals, and construction utilize oil-based products for various applications, including heating, power generation, and the production of pl...

Analysis of ‘Transportation Fuels Spot Prices: Beginning 2006’ provided by Analyst-2 (analyst-2.ai), based on source dataset retrieved from https://catalog.data.gov/dataset/4d71f99a-74ec-4ce8-bc42-fbf032588f62 on 27 January 2022.

--- Dataset description provided by original source is as follows ---

Transportation Fuels Spot Prices dataset provides weekly average spot price information for New York Harbor Conventional Gasoline, New York Harbor Ultra-Low Sulfur Diesel as well as Western Texas Intermediate (WTI) and Brent crude oil. The data is presented as a weekly average from June 2006 through current. Jet fuel wholesale price is included on a monthly basis on a 3 month lag.

How does your organization use this dataset? What other NYSERDA or energy-related datasets would you like to see on Open NY? Let us know by emailing OpenNY@nyserda.ny.gov.

--- Original source retains full ownership of the source dataset ---

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Oilfield Chemicals Market Size 2024-2028

The oilfield chemicals market size is forecast to increase by USD 6.75 billion at a CAGR of 4.37% between 2023 and 2028.

The market's growth rate hinges on various factors, such as the increased production of crude oil, advancements in oilfield technology, and the expansion of shale gas exploration and production. These elements collectively contribute to the market's trajectory, driving its upward momentum. With the continuous improvement and adoption of innovative technologies in the oilfield sector, coupled with the heightened focus on shale gas extraction, the market is poised for significant expansion in the foreseeable future. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.

What will the Oilfield Chemicals Market Size During the Forecast Period?

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How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Production
  Well stimulation
  Drilling fluids
  Enhanced oil recovery
  Others


Type

  Onshore
  Offshore


Geography

  North America

    Canada
    US


  Europe



  APAC

    China
    India


  Middle East and Africa



  South America

By Application Insights

The production segment is estimated to witness significant growth during the forecast period.

In the realm of oil exploration and production activities, oilfield chemicals play a pivotal role in ensuring efficiency and safety during drilling and well-stimulation processes. The shale gas revolution has significantly increased the demand for oilfield chemicals, particularly in crude oil production from onshore fields in developing economies. These chemicals are instrumental in optimizing operations, adhering to environmental standards, and enhancing reservoir recovery. Oilfield chemicals are applied extensively in various production processes, including drilling fluids for deep drilling activities, fracturing liquids for well stimulation, and inhibitors for preventing corrosion and the formation of emulsions on metal surfaces. Product analysis reveals that the Rheology modifiers segment dominates the market, with synthetic-based drilling fluids and micro-fibrillated cellulose (MFC) and xanthan gum being commonly used.

The inhibitors segment is also gaining traction due to its ability to mitigate impurities derived from crude oil production. Water-soluble inhibitors, such as amides and long-chain amines, are popular choices for preventing corrosion and scaling in onshore exploration activities. As the industry dynamics evolve, oilfield chemicals continue to play a crucial role in enhancing oilfield exploration endeavors while addressing the challenges of drilling in diverse geological conditions. Moreover, the shift towards renewable energy sources like solar power and wind power has led to a decline in demand for oilfield chemicals in certain applications. However, the ongoing demand for oil and gas, coupled with the need for optimization and safety in production processes, ensures that the market remains a significant player in the energy sector.

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The Production segment was valued at USD 9.97 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 38% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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In the Oil & gas industry, the application analysis of oilfield chemicals in North America experienced substantial growth in 2023, driven by the recovery of West Texas Intermediate and Brent crude prices and the significant expansion of shale oil and gas production. The level of exploration and production activities in the US and Canada significantly impacted the demand for oilfield chemicals, including solid-free fluids, fracture stimulation agents, water shut-off compounds, gravel packing additives, and acid stimulation catalysts. These chemicals are essential for post-oil extraction processes, ensuring efficient drilling and production. Advancements in technology, such as automation and IoT, have encouraged oil rig operators to adopt innovative drilling solutions, including the use of O2 for onshore and offshore projects.

The susceptibility of oil and gas infrastructure to corrosion necessitates the employment

Fuel, chemical and metal agents contend with highly volatile global commodity prices and industrial production and construction output fluctuations. The COVID-19 outbreak severely pressured global economic growth causing production levels to tumble and stymieing oil demand. Oil prices collapsed and fell into negative territory for the first time, with producers paying clients to take the surplus off their hands. Record-low oil prices had a substantial contractionary effect on revenue as most agents work off a commission basis. China's steel production was curbed by strict social distancing measures, lagging behind global steel demand, forcing the prices of some steel products to quadruple between September 2021 and September 2020. Steel prices dropped in 2022 as spiralling inflation and strict lockdowns in China ignited demand uncertainty, hitting steel-related commissions. Over the five years through 2024-25, agents' revenue is forecast to contract at a compound annual rate of 9% to £74.1 billion. As crude oil is the primary input in petroleum, chemicals and fertilisers, the Russia-Ukraine conflict sparked surges in the prices of related products. In 2022, the price of Brent crude oil reached its highest level since 2014, helping drive revenue growth and profit in 2022-23. As supply concerns continue in 2024-25 for steel and crude oil, revenue is expected to grow by 21.8%. Looking forward, the transition to a net zero carbon emission economy will shift the focus of many downstream buyers away from fossil fuels and petroleum-based products and towards renewable energy sources. The Agricultural Bill passed in 2020 and detailed the phasing out of direct farmer subsidies by 2024. Subsidies will fall from £2.4 billion to £900 million over this period, with delinked payments replacing them, disincentivising crop production and fertiliser use. Green policies like banning new petrol and diesel car sales by 2030 will cut fossil-fuel-related sales and boost the sale of battery metals like lithium used in electric vehicles. Industry-wide revenue is forecast to grow at a compound annual rate of 18% to reach £169.6 billion over the five years through 2029-30.