Brent Crude Oil Prices

Brent crude oil prices averaged USD 63.98 per barrel in October, down 5.4% from September. On 31 October, the commodity traded at USD 65.10 per barrel, down 3.0% from 30 September.

Brent prices have trended down since April last year, and continued to fall in October. This was partly due to seasonal factors, with journeys in cars and planes subsiding in the northern hemisphere as the weather turned cooler. However, prices also remained down notably year on year. OPEC+ hiked oil output for the seventh consecutive month, with quotas now up by 2.5 million barrels per day—roughly 2.4% of world demand.