Brent Crude

The low oil price environment in the global market is dragging the Middle Eastern oil-producing countries to collapse, whose economies are strongly dependent on crude oil production and exports.

Oil prices plummeted around 30 percent on March 9 after Saudi Arabia slashed its official selling prices and set plans for a dramatic increase in crude production next month, starting a price war even as spread of the coronavirus erodes global demand growth.

The coronavirus epidemic has pushed the price of Brent crude on March 2 to its lowest in 31 months and on the same week that investors await the critical OPEC meeting that will be held in Vienna, Austria on March 5.

International benchmark Brent crude fell as low as $48.40 per barrel on March 2 to mark its lowest level since July 24, 2017, according to official data.

Crude oil prices were trading with gains on Feb. 19 as a result of growing supply concern in Libya and with U.S. sanctions on a subsidiary of Russian oil firm Rosneft.

Crude oil prices were up on Feb. 5 as the global oil market and investors hope that the Organization of Petroleum Exporting Countries (OPEC) would make deeper cuts in crude production to support low prices.

The international benchmark Brent crude was trading at $54.20 per barrel at 0723 GMT for a 0.7 percent increase after closing on Feb. 4 at $53.81 a barrel.

Crude oil prices were down on Jan. 8 having lost gains recorded in the previous sessions after U.S. President Donald Trump's comments to calm tensions in the Middle East.

"Iran appears to be standing down, which is a good thing for all parties concerned," Trump said on Jan. 8 amid Iran's attack on two locations in Iraq earlier in the day.

Crude oil prices were up around 2 percent at trading start on Jan. 6 with escalated tensions in the Middle East risking secure crude oil supply from the region.

International benchmark Brent crude was trading at $70.17 per barrel at 0630 GMT for a 2.3 percent jump after it closed on Jan. 3 at $68.60 a barrel with a 3.55 percent increase in intraday trading.

Crude oil prices were up by around 3 percent during Jan. 3's trading start as rising tensions in the Middle East threaten secure crude supply from the region.

International benchmark Brent crude was trading at $68.18 per barrel at 0615 GMT with a 2.83 percent increase after closing on Jan. 2 at $66.30 a barrel.

Brent oil soared on Sept. 24 close to $81, reaching the highest level since November 2014 after OPEC and other global producers snubbed pressure from U.S. President Donald Trump to dampen prices.

Surging shale oil production in Texas and North Dakota is being felt on trading desks in Chicago, Houston and New York, where a brisk business in West Texas Intermediate crude futures is far outpacing contracts for London-based Brent crude.