World Oil & Gas Rig Count

Brent crude oil prices in this dataset show a clear multi-year cycle shaped by global supply–demand dynamics, economic recovery patterns, and shifting geopolitical pressures. Prices begin in the mid-$40s during early recovery conditions, then rise steadily throughout 2021 as demand rebounds and inventories tighten. The sharp escalation in 2022 reflects the global commodity shock, pushing Brent above $100 as supply uncertainty and geopolitical tensions intensified. After this peak, prices gradually normalize through late 2022 and 2023, stabilizing in the $75–$90 range as production increases and demand growth softens. Entering 2024 and 2025, the trend turns downward, with prices drifting into the $60s amid improving supply balance, higher non-OPEC output, and slowing global consumption. The latest price—around $63—marks one of the dataset’s lowest points, signaling easing market tightness and a notably cooler demand environment.