In July 2014, Brent crude was priced around $106 per barrel.
Three years and a production limit deal later, the benchmark grade’s prices have more than halved and were down to $48/bbl on July 23.
Analysts claim that the prices could slide further in the last week of the month, following OPEC and non-member producers meeting in Russia.
“The price of Brent oil should slide significantly below $50 again next week, as the committee monitoring production cuts is unlikely to indicate meaningful additional measures to limit supply,” Commerzbank bank said in a note.
Argaam has put together an overview of how prices of Brent crude have fluctuated over the past 10 years.
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