Brent crude prices at their lowest since 2020
October 13, 2025
After Friday’s big selloff, the markets opened higher on Sunday night. The market is also trying to figure out what the latest is with Trump threatening 100% tariffs on China. This news from China is also supporting prices in the near term and will be something traders will keep an eye on until the end of the month, as the deadline is November 1.
Hamas released all 20 remaining living Israeli hostages following the peace agreement with Israel.
Diesel, which has been somewhat low on inventories, has supported prices; however, it could face downside pressure as detaching fundamentals and the potential for tariffs on China could negatively impact demand.
From John Kemp: Brent’s front-month futures price has averaged less than $70 per barrel so far in 2025, down from almost $83 in 2024 after adjusting for inflation. In real terms, prices have been the lowest since 2020 (during the pandemic); 2016 (during the price war between OPEC and US shale producers); and before that, 2004.
Baker Hughes reported that 4 crude oil rigs came offline last week down to a total of 418 oil rigs.
OPEC kept its crude outlook unchanged following a September hike of over 500,000 bpd. The group maintains that global oil demand will increase by 1.3 million barrels per day (bpd) this year, reaching 1.4 million bpd by 2026.