EIA: Brent Crude Oil Prices Traded in a Narrow Range in 2024

SEATTLE (Oil Monster): According to the most recent data from the U.S. Energy Information Administration (EIA), the price of Brent crude oil fluctuated within a small range during the course of the previous year.

The commodity's intraday pricing remained within a range of $24 per barrel, from $68 to $93 per barrel. Since 2019, this was the trading range that was the narrowest. Additionally, in 2024, the average price of the benchmark Brent crude oil futures was $80 per barrel, which was a slight decrease of $2 per barrel from the previous year.

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Strong global oil production growth and slower demand growth put downward pressure on Brent crude oil prices. The EIA pointed out that rising geopolitical threats and OPEC+ member countries' voluntary production reduction helped to keep prices within the limited range.

The first quarter of 2024 saw a broad upward trend in pricing. The front-month Brent crude oil prices largely fell for the rest of 2024 after reaching their peak in April. Early in September, prices fell to their lowest point of the year.

The EIA's December 2024 Short Term Energy Outlook report included projections that the world's oil consumption increased by less than 1 million barrels per day (b/d) in 2024.