Oil prices again on the rise

The average Brent Crude oil price was US $ 62 per barrel (159 litres) in 2009, a drop of around 36% from the prior-year level. In the face of the crisis at the start of the year, the price fell to approximately US $ 40 per barrel – its lowest level for several years. However, by mid-year oil prices were back up to US$70 due to OPEC production cuts and improved economic indicators. By year-end the price had reached nearly US$80 a barrel.