Brent crude futures were trading around $94 per barrel, a dramatic reversal from their daily highs of $97 per barrel, as a stronger dollar and uncertainty about a China reopening kept investors on edge. China’s National Health Commission has recently eased some coronavirus-induced measures on the world’s top oil imported, but rising coronavirus cases over the weekend pushed back the idea of a broader and swift reopening. Meanwhile, the prospect of even tighter supply continued to put a floor under prices after OPEC+ agreed to cut production by 2 million barrels per day in November. At the same time, the European Union ban on Russian oil is set to take effect in December. Historically, Brent crude oil reached an all time high of 147.50 in July of 2008. Brent Crude oil is a major benchmark price for purchases of oil worldwide. While Brent Crude oil is sourced from the North Sea the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil. The Brent prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.