Brent Oil Exchange rate


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Editors’ Picks

EUR/USD: At risk of extending its slide

The greenback closed the week appreciating against most major rivals, although EUR/USD settled in the 1.1780 price zone, holding on to modest weekly gains. EUR/USD decline corrective on the broader view but could extend its slump in the shorter-term.

EUR/USD News

GBP/USD: Limited bearish potential

The GBP/USD pair finished the week with modest losses at 1.3050, giving up to the dollar’s demand at the end of the week. The Cable is trading above the 1.3000 level, which limits the bearish potential.

GBP/USD News

Gold: Acceptance above $2050 critical to revive the uptrend

Gold’s record-breaking rally could resume on a sustained move above $2050. RSI on 4H chart stays in the bullish territory, pointing to the upside. XAU bulls to buy the dips around $2010 in the week ahead?

Gold News

Bitcoin may extend the recovery once Gold resumes the rally

Gold retreated from the recent highs, but the sentiments are still bullish. Cryptocurrencies resumed the upside, some altcoins are demonstrating strong gains. ETH/BTC stopped the downside correction and settled at $0.03300.

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WTI extends slide toward $41, on track to post weekly gains

Crude oil prices continued to fall on Friday and the barrel of West Texas Intermediate (WTI) touched a daily low of $41.05 before recovering modestly.

Oil News

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Cryptocurrencies

Signatures


BRENT OIL, ENERGY COMMODITY

Brent Oil (or Brent Crude) is a major trading classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide. It is extracted from the North Sea. Brent oil contracts in the ICE (Intercontinental Exchange) are quoted in US dollars. It is the benchmark used primarily in Europe though it is also mixed in with the OPEC Reference Basket which is used around the world. Brent blend makes up more than half of the world's globally traded supply of crude oil. Crude oil is the highest volume contract that is traded worldwide for a physical commodity.

USD/CAD, AUD/USD and NZD/USD are called “commodity pairs” because they are highly correlated to commodity (especially oil) fluctuations.

When making trading decisions in the commodity pairs, it might be a good idea to take a look at the correlated commodities because it can help to predict future up or down movements.


HISTORIC HIGHS AND LOWS FOR BRENT OIL

  • All-time records: Max:147.27 on 07/07/2008 - Min: 9.75 on 31/03/1986
  • Last 5 years: Max:86.71 on 03/10/2018 - Min: 26.08 on 11/02/2016

* Data as of February 2020


ASSETS THAT INFLUENCE BRENT OIL THE MOST

  • Currencies: USD.
  • Commodities: Natural Gas.
  • Bonds: T-Bond (Treasury bond is a marketable, fixed-interest U.S. government debt security).
  • Indices: BRENT Index (the cash settlement price for the Intercontinental Exchange (ICE) Brent Future based on ICE Futures Brent index at expiry) and WTI (West Texas Intermediate is a grade of crude oil used as a benchmark in oil pricing, the underlying commodity of NYMEX's oil futures contracts).

ORGANIZATIONS, PEOPLE AND ECONOMIC DATA THAT INFLUENCE BRENT OIL

Weekly crude inventories (that represent the supply of oil) are very closely watched by traders, in particular those reported by the EIA (Energy Information Administration) and the API (American Petroleum Institute).
On the other hand, an important indicator of underlying oil demand growth is the world GDP growth rates (in periods of recession, the consumption of oil tends to fall).

On how supply (inventories) and demand affect the price of oil, we recommend you to watch this short video.

In terms of influent people and organizations for the brent oil, we highlight:

  • Mike Sommers is the 15th chief executive of the American Petroleum Institute (API) since its founding. API is the largest national trade association representing all aspects of America's oil and natural gas industry. Before being named API's president and CEO, Sommers led the American Investment Council, a trade association representing many of the nation's leading private equity and growth capital firms and other business partners.
  • Mohammad Sanusi Barkindo, OPEC’s Secretary General since August 2016. He previously served as Acting Secretary General in 2006, represented Nigeria on OPEC's Economic Commission Board during 1993–2008, led the Nigerian National Petroleum Corporation during 2009–2010, and has headed Nigeria's technical delegation to UN climate negotiations since 1991. The Organization of the Petroleum Exporting Countries is a permanent, intergovernmental Organization, created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
  • US Oil & Gas Association, was founded in October 1917 in Tulsa, Oklahoma, following the United States’ entry into World War I. This trade association “promotes the well-being of the oil and natural gas industries in the United States”.
  • Vladimir Putin, who has served as the president of Russia since 2012, previously holding the position from 2000 until 2008.