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Brent Crude Oil Markets

OIL Currency Update - Our review of Brent Crude Oil forecasts and news plus charts and historic rates. Check OIL Trends over various time periods.

 

Recent developments in the oil market have been significantly influenced by a combination of geopolitical tensions and strategic production adjustments by OPEC+. Analysts are closely monitoring OPEC+'s upcoming meeting on October 5, where the group may decide on a notable production increase of up to 500,000 barrels per day to regain market share. Goldman Sachs has forecasted a more conservative increase of 140,000 barrels per day for November, which comes amid concerns over rising OECD commercial oil stocks and a decline in Russian oil output.

The current economic climate in the United States is also a cause for concern, as the government has entered its fifteenth shutdown since 1981. This situation could disrupt key economic functions and data releases, potentially impacting global oil demand.

Complicating matters further, Iran has threatened to block the Strait of Hormuz in response to U.S. airstrikes, a move that could have dramatic implications for global oil transportation. The final decision regarding this blockade will rest with Iran’s Supreme National Security Council.

As of now, the OIL to USD exchange rate sits at 65.47, which is 3.5% below its three-month average of 67.85. Over the past three months, this pair has exhibited volatility, trading within a range of 14.3% from 64.20 to 73.37. Similarly, the OIL to EUR rate is at 55.91, also 3.7% below its average of 58.06, with a wider trading range of 17.4%. The OIL to GBP rate stands at 48.55, 3.6% lower than its average, and has traded within a volatile 16.0% range. Lastly, the OIL to JPY rate is at 9856, 1.7% below its average, with fluctuations of 16.0% noted.

Awareness of these dynamics is crucial for those involved in foreign exchange transactions, particularly as shifts in oil prices can influence various currency pairs in the international market.

 

Brent Crude Oil to US dollar - OIL/USD Trend

 
OIL to USD at 65.47 is 3.5% below its 3-month average of 67.85, having traded in a rather volatile 14.3% range from 64.20 to 73.37
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1 OIL =
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USD
 
1d+1.5%
 
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Compare & Save on Exchange Rates

Exchange rates can vary significantly between banks and currency exchange providers, so it's important to compare rates from different sources before making a conversion.

The below table makes it easy to calculate and compare the Total Cost you are being charged on currency rates and the possible savings of using a foreign exchange provider rather than your bank.

 

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