Oil and prices
International benchmark: Brent
EIA: Brent spot fell to US$119.33 per barrel on October 16
Master Services Technical TeamSelection and context
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Summary
The Brent spot price moved from US$130.18 per barrel on October 8 to US$119.33 on Friday, October 16, 2026, according to Table 11 of the EIA weekly report released on October 21. These are daily observations: US$119.33 is not that week’s average. The same table records a monthly average of US$114.16 in September, compared with US$91.08 in August.
Why it may matter to operators
When reading supply references, keep each figure’s time period explicit: daily observations allow a comparison between two dates, while a monthly average summarizes a different interval. The decline from October 8 to October 16 does not by itself establish a future trend. Brent is also a crude-oil benchmark, not a finished gasoline or diesel price or a retail pump price in Panama. This note uses the archived October 21 edition so that the link preserves the table consulted when the current report changes.
Editorial note
Summary and context by Master Services. Consult the original source and confirm local applicability for each project.