Brent crude futures traded $76.5 a barrel on Tuesday, supported by falling US crude stockpiles and strong Chinese trade data. A preliminary Reuters poll showed US crude inventories were likely to drop for an eighth consecutive week; and economic slowdown worries eased as Chinese exports beat forecasts in June. At the same time, expectations that OPEC+ will boost output in August are vanishing, with Saudi Arabia and the UAE starting to lock in volumes to customers next month. Meantime, the International Energy Agency said global oil markets are set to tighten significantly unless the OPEC+ alliance resolves its standoff and agrees to increase production.
Brent Crude oil is a major benchmark price for purchases of oil worldwide. While Brent Crude oil is sourced from the North Sea the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil. The Brent prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.