Monthly crude oil price average for Brent 2019-2020

Brent Crude is the world's leading price benchmark for Atlantic basin crude oils. It is used to price two thirds of the internationally traded crude oil supplies. In May 2020, the price of one barrel of Brent Crude oil was approximately 29.38 U.S. dollars. Brent Crude is the most significant crude oil benchmark for Europe. Brent crudes originate in the North Sea and include oils from Brent and Forties Oil Field in the United Kingdom, and from the Oseborg and Ekofisk oil fields, both in Norway.

UK Brent crude oil price

Other names for Brent Crude are Brent Blend, London Brent and Brent petroleum. The name Brent comes from the Brent oil field, located north-east of the Shetland Islands, and thus part of the United Kingdom. Because the Brent oil field already passed its production peak, today the benchmark Brent Crude includes oil from the other three major oil fields. Brent, beneath West Texas Intermediate (WTI), is one of the lightest crude oils. With a low content of sulfur, it is ranged among the so called sweet crude oils. Most of the Brent Crude oil is refined into gasoline and middle distillates in Northwest Europe.

Benchmark oil prices

Other crucial benchmarks for crude oil prices are West Texas Intermediate (WTI), which is especially important for North America, and Dubai Crude (Fateh), which dominates the Asian oil market. They are indispensable for referencing the many types and grades of oil on the global market. In the past twenty years, the price for one barrel of Brent Crude oil saw a net increase. For example, the average price per barrel stood at 25 U.S. dollars in 2002 and increased to almost 112 U.S. dollars by 2012. In 2019, the annual average price was 64.36 U.S. dollars per barrel.

Average monthly Brent crude oil price from May 2019 to May 2020 (in U.S. dollars per barrel)*

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Sources

Release date

June 2020

Region

Worldwide

Survey time period

May 2019 to May 2020

Supplementary notes

* All figures have been rounded; monthly average values.

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