Monthly crude oil price average for Brent 2021-2023

In October 2023, the average price of one barrel of Brent crude oil was 90.78 U.S. dollars. This was the 14th consecutive month since the outbreak of the Russia-Ukraine war that average monthly prices fell below 100 U.S. dollars.

Brent terminology and most common uses

Brent 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 and is also 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 oil reserves in Norway. Other names for Brent 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 includes oil from the other three major oil fields. Brent, next to 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 the already mentioned 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 annual price for one barrel of Brent crude oil saw a net increase. For example, the average price per barrel stood at 101 U.S. dollars in 2022.