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Brent crude oil is a valuable commodity. Being a light sweet oil, it is considered more desirable than heavy sour crude as it is ideal for the refining of gasoline, diesel fuel and other high-demand products. As its supply is water-borne, Brent crude oil is easy to transport to distant locations. For these reasons, it can have a premium price.
Brent crude is a benchmark that defines oil prices around the world. About two-thirds of all internationally traded crude oil supplies are priced relative to Brent, making it the most widely used marker of all.
According to the historical Brent crude oil price chart, the commodity reached a record low of $2.23 in May 1970 and a record high of $147.02 in July 2008.
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Brent crude is a light, low-sulphur oil that is extracted from 15 different oil fields in the North Sea and consists of Brent Blend, Forties Blend, Ekofisk and Oseberg crudes. It has become an industry standard due to its unique properties: its low density and low sulphur content makes Brent crude oil simpler to process into products such as gasoline. As such, it tends to fetch higher prices on commodity markets.
The commodity is seen as the global benchmark because European, African and Russian markets are tuned to its price – either because they import it, or because they have oil of their own that they cannot sell for a higher price than Brent crude.
For years, Benchmark crude oil has served as an investment tool used by international investors seeking true asset class diversification in their portfolio. The commodity is often seen as a hedge against deflation, inflation and devaluation.
The Brent crude oil rate significantly relies on the wider performance of the global economy. In addition, like with any other traded commodity, its value depends on the basic laws of supply and demand. For example, when supplies are tight, you can expect the price of Brent crude to rise.
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In regard to the price of Brent crude oil, the commodity has seen some dramatic peaks and troughs throughout its history. At the start of 1999, it stood as low as $10 a barrel. During the following years, it had climbed steadily until it reached its all-time high of over $147 a barrel in mid-2008. However, in the second half of the same year, the price suddenly slumped to under $40 a barrel.
Over the following decade, the commodity has witnessed many ups and downs, characterised by multiple price fluctuations from as low as $27.88 to as high as $128.14 a barrel.
To discover the latest Brent crude oil spot price and trace the historical value of the commodity over the years, follow Capital.com’s Brent crude oil live chart.