Brent Oil Exchange rate


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Editors’ Picks

AUD/USD edges higher above 0.6300 amid risk-on mood

AUD/USD edges higher above 0.6300 amid risk-on mood

AUD/USD is grinding higher above 0.6300 in Friday's Asian trading. The US Dollar licks its wounds amid a positive market sentiment after Trump's reciprocal tariffs are not effective immediately. Hopes of RBA rate cut and Russia-Ukraine peace talks also support the Aussie. 

AUD/USD News
USD/JPY consolidates losses near 152.50

USD/JPY consolidates losses near 152.50

USD/JPY is licking its wounds in tandem with the US Dollar and the US Treasury bond yields, hovering near 152.50 early Friday. Despite a better mood, increased bets for BoJ rate hikes and Japanese verbal intervention continue to underpin the Japanese Yen, remaining a drag on the pair. 

USD/JPY News
Gold price looks to record highs at $2,943 on dovish Fed expectations

Gold price looks to record highs at $2,943 on dovish Fed expectations

Gold price is holding the previous gains while looking to retest the record highs at $2,943 early Friday. Details of the US PPI report continue to back dovish Fed expectations while  US President Trump's reciprocal tariffs plan keeps Gold price afloat. 

Gold News
Ripple's XRP on verge of potential breakout as SEC acknowledges Grayscale XRP ETF filing

Ripple's XRP on verge of potential breakout as SEC acknowledges Grayscale XRP ETF filing

Ripple's XRP is up 4% in the early hours of Friday following the Securities and Exchange Commission acknowledgment of Grayscale's 19b-4 filing to convert its XRP Trust to an ETF.

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Tariffs likely to impart a modest stagflationary hit to the economy this year

Tariffs likely to impart a modest stagflationary hit to the economy this year

The economic policies of the Trump administration are starting to take shape. President Trump has already announced the imposition of tariffs on some of America's trading partners, and we assume there will be more levies, which will be matched by foreign retaliation, in the coming quarters.

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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.