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Average annual Brent crude oil price from 1976 to 2020 (in U.S. dollars per barrel)
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ent crude oil price from 1976 to 2020 (in U.S. dollars per barrel)

Description
The average annual price
MWV; EIA U.S. dollars per barrel. Th
EIA annual average in 2019 a
1976 to 2020 the coronavirus pandemic
benchmark for Atlantic ba
Worldwide
closely observed commod
n.a. stages of the production p
n.a. of consumer goods as we
n.a.
n.a.
n.a.
Crude oil benchmarks

In the past decade, crude

Their inherent inelasticity
MWV and supply mean that oil p
February 2021 changes in demand and s
mwv.de BRIC countries such as C
262860 fracturing and horizontal d
to the price volatility obser
Crude is considered a clas
as a benchmark price for o
sweet light crude oil due to
and may be easily refined
North Sea and is comprise
Brent Blend and Ekofisk c
Northwest Europe.

Another sweet light oil ofte

Texas Intermediate (WTI)
per barrel in 2001 and ros
before decreasing to 39.1
Description
The average annual price of Brent crude oil for 2020 stood at 41.96
U.S. dollars per barrel. This was over 20 U.S. dollars lower than the
annual average in 2019 and a result of weakened demand during
the coronavirus pandemic. Brent is the world's leading price
benchmark for Atlantic basin crude oils. Crude oil is one of the most
closely observed commodity prices as it influences costs across all
stages of the production process and consequently alters the price
of consumer goods as well.

Crude oil benchmarks

In the past decade, crude oil prices have been especially volatile.
Their inherent inelasticity regarding short-term changes in demand
and supply mean that oil prices are erratic by nature. However, the
changes in demand and supply due to the economic growth by
BRIC countries such as China and India and the advent of hydraulic
fracturing and horizontal drilling in the U.S. have greatly contributed
to the price volatility observed since the 2009 financial crisis. Brent
Crude is considered a classification of sweet light crude oil and acts
as a benchmark price for oil around the world. It is considered a
sweet light crude oil due to its low sulfur content and a low density
and may be easily refined into gasoline. This oil originates in the
North Sea and is comprised of several different oil blends including
Brent Blend and Ekofisk crude. Often, this crude oil is refined in
Northwest Europe.

Another sweet light oil often referenced alongside UK Brent is West

Texas Intermediate (WTI). WTI oil prices totaled 25.9 U.S. dollars
per barrel in 2001 and rose to 93.25 U.S. dollars per barrel in 2014,
before decreasing to 39.16 U.S. dollars per barrel in 2020.
Brent crude oil price annually 1976-2020
Average annual Brent crude oil price from 1976 to 2020 (in U.S. dollars per barrel)

1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
 12.8
13.9
14
31.6
36.8
35.9
33
29.6
28.7
27.5
14.4
18.4
15
18.2
23.8
20.1
19.4
17.1
16
17.2
20.8
19.1
12.8
17.9
28.4
24.45
25.01
28.83
38.1
54.38
65.14
72.52
96.99
61.51
79.47
111.26
111.63
108.56
98.97
52.32
43.67
54.25
71.34
64.3
41.96