Brent Crude Oil Prices

Brent crude oil prices averaged USD 67.24 per barrel in August, down 3.3% from July. On 29 August, the commodity traded at USD 68.15 per barrel, down 6.1% from 31 July.

Brent prices continued to trend down in August, as has generally been the case since mid-2024, amid further OPEC+ output hikes. In August, for the fifth consecutive time, the cartel said it would raise output more than originally planned in the following month. Its output has now risen by 1.6 million barrels per day—about 1.6% of global crude demand. Meanwhile, crude price volatility dropped to the lowest level since December, as uncertainty regarding U.S. trade policies declined.