Brent falls to $110.74 per barrel on October 21 — Fortune

On October 21 at 8:00 a.m. U.S. Eastern Time, the price of benchmark Brent crude stood at $110.74 per barrel. This was $2.11, or 1.86%, lower than the previous morning, Fortune reports.

Price dynamics

A month ago, a barrel of Brent cost $104.61, so its price has risen by 5.85% over this period. A year ago, the figure stood at $61.75 per barrel. Thus, Brent’s value has increased by 79.33%, or approximately $49, over the year.

Oil prices are primarily shaped by supply and demand, including expectations regarding their future changes. Trading can also be sharply affected by concerns about an economic slowdown, conflicts, and other shocks.

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Impact on fuel prices

Crude oil is the largest single component of the retail fuel price, usually accounting for more than half of the cost of a gallon. However, prices at gas stations also include refining, wholesale supply, taxes, and gas station margins.

Rising oil quotations usually quickly affect gasoline prices, while lower raw material prices are passed on to consumers more gradually. More expensive oil can also affect the prices of other goods through higher energy and logistics costs.

Oil market benchmarks

Brent is the main global benchmark for assessing oil prices, while West Texas Intermediate, or WTI, is the key benchmark for North America. Quotations are updated continuously while futures markets are open, where participants make agreements to buy or sell oil in the future.