In July 2015, oil prices decreased againPrices of oil and raw material imports - July 2015

In July 2015, the price of crude oil in euros declined again (–8.7% after –3.9%), to average 50.8€ per barrel of Brent. The price tumbled by 35.9% compared to its level in July 2014, when it stood at 79.2€. Prices in euros of imported commodities except energy increased slightly (+0.6% after –1.1%), due to an uptick in raw food materials (+3.3%), while prices of industrial raw materials fell (–1.7%).

In July 2015, the price of crude oil in euros declined again (–8.7% after –3.9%), to average 50.8€ per barrel of Brent. The price tumbled by 35.9% compared to its level in July 2014, when it stood at 79.2€. Prices in euros of imported commodities except energy increased slightly (+0.6% after –1.1%), due to an uptick in raw food materials (+3.3%), while prices of industrial raw materials fell (–1.7%).

Oil prices in euros went down again

In July, the price of crude oil from the North Sea (Brent) in dollars dropped sharply (–10.4% after –3.4%), as a result of both a very high output in Saudi Arabia and a still high supply in the United States. In euros, the price of crude Brent dipped less sharply (–8.7% after –3.9%), because the euro still depreciated.

Prices of industrial raw materials kept dropping

In July, prices of industrial raw materials in euros went down again (–1.7% after –3.8% in June), due to a drop in the prices of minerals. Year-on-year, prices decreased (–1.9%), despite the depreciation of the euro.

Prices of minerals kept falling (–2.8% after –5.9%), as a result of a slowdown in the economic activity in China, a country that consumes nearly half of the world’s industrial metals. Thus, prices of non ferrous metals edged down again in July (–0.9% after –7.1%). In particular, prices of copper kept dipping (–7.0% after –6.5%) due to a lower worldwide demand. Among the precious metals, prices of gold, responsive to movements in exchange rates for the American dollar, kept falling (–2.6% after –2.0%). Finally, prices of iron ore fell back sharply (–15.7% after +2.9%, –34.2% over a year), due to a rise in supply though the demand came down, in particular in China.

Prices of agricultural raw materials barely rose (+1.5% after +3.0%), due to an increase in prices of natural fibres (+0.2% after –1.1%), as a result of a shrinkage of the cotton farmland in the United States. On the other hand, prices of hides tumbled (–19.7%).

Prices of raw food materials climbed again

In July, prices of raw food materials kept rising (+3.3% after +2.2%), though prices of beef meat edged down (–6.3% after +1.7%). Prices of oil seeds and vegetable oils accelerated (+9.1% after +2.3%), in particular those of olive oil (+7.3% after +0.6%). Prices of palm oil fell back (–3.2% after +0,3%), due to an increase of output in South-East Asia. Prices of cereals recovered (+9.4% after –1.9%), as a result of a decreasing corn supply in the United States. Prices of sugar picked up as well (+3.1% after –8.0%).

tabpetrole – Oil and petroleum products

in euros
Oil and petroleum products
Prices Change (%)
of last month over the last month over the last 3 months over the last 12 months
Brent in $ per barrel 55.9 –10.4 –5.9 –47.8
Brent in € per barrel 50.8 –8.7 –7.5 –35.9
Gasoline €/L 0.48 2.3 14.5 –11.9
Gas Oil 473.6 –8.4 –8.5 –28.1
Heavy fuel 279.0 –14.4 –18.0 –36.7
Naphtha 433.0 –10.5 –8.4 –37.7
  • Prices are in euros per tonne unless otherwise specified
  • Source: INSEE

tabmatprem – Imported raw materials (excluding energy) in euros

base 100 in 2000
Imported raw materials (excluding energy) in euros
Index Changes (%)
of last month over the last month over the last 3 months over the last 12 months
Food total 229.4 3.3 3.6 14.2
Tropical foodstuffs 227.4 3.6 9.5 25.4
Oil seeds, vegetable oils 259.4 9.1 8.1 12.4
Cereals 161.0 9.4 0.9 16.9
Sugar 120.9 3.1 –9.7 –15.2
Beef meat 176.3 –6.3 –7.6 7.9
Industrial raw materials 158.0 –1.7 –7.3 –1.9
Agricultural raw materials 117.1 1.5 0.9 10.3
Natural Fibres 125.6 0.2 –0.4 7.0
Natural rubber 162.9 –8.1 –3.3 –10.5
Hides 77.2 –19.7 –26.2 –16.3
Wood pulp 105.0 1.9 –2.8 12.7
Tropical wood 117.9 2.0 2.4 11.8
Sawn softwood 97.3 4.5 12.2 3.8
Minerals 180.4 –2.8 –10.0 –5.5
Iron ore 346.5 –15.7 –1.0 –34.2
Non-ferrous metals 153.8 –0.9 –10.9 –1.2
Precious metals 224.9 –4.6 –11.9 –3.4
All commodities 177.5 0.6 –2.5 5.2
  • Source: INSEE

G_petrole_ang – Oil (Brent)

  • Source: INSEE

G_alim_ang – Food

  • Source: INSEE

G_ensemble_ang – Imported raw materials (excluding energy)

  • Source: INSEE

G_indus_ang – Industrial raw materials

  • Source: INSEE