The average price of ICE Brent crude oil in Q3 2024 (from July 1 to September 9, 2024) was $80.4 per barrel, down from an average of $84.9 per barrel in Q2 2024. This decline is attributed to OPEC+’s planned increase in crude oil production by 180 KBD per month from October to December 2024,

Russia’s flagship Urals crude has dropped back below the $60-a-barrel price cap imposed by the Group of Seven nations and its allies to punish Moscow for its war in Ukraine.

Oil prices extended gains on Tuesday as the market eyed U.S. output concerns in the aftermath of Hurricane Francine and expectations of lower U.S. crude stockpiles. Brent crude futures for November rose 34 cents,