Brent crude oil price annually 1976-2020

As of November 2020, the average annual price of Brent crude oil for 2020 stood at 41.01 U.S. dollars per barrel. Brent is the world's leading price benchmark for Atlantic basin crude oils. The price of crude oil is closely observed as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well.

Crude oil benchmarks

In 2019, the Brent crude oil prices totaled an average of 64.3 U.S. dollars per barrel, down significantly from the 2014 average price of 99 U.S. dollars per barrel. To put the 2019 figure in context, however, it was a considerable increase from the 2001 average, at 24.45 U.S. dollars per barrel. 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 a low density. This oil originates in the North Sea and is comprised of 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 totaled 25.9 U.S. dollars per barrel in 2001 and rose to 93.25 U.S. dollars per barrel in 2014, before decreasing to 56.99 U.S. dollars per barrel in 2019.