In October 2016, oil price increased sharplyPrices of oil and raw material imports - October 2016

In October 2016, the price in euros of crude oil increased sharply (+9.6% after +0.1%) to stand at 45.1€ on average per barrel. The price of Brent crude is higher than a year before (+5.37%). The prices in euros of the other imported commodities bounced back (+1.8%), after two months of decline (−1.2% in September and −2.0% in August): the prices of industrial raw materials picked up (+3.0% after −1.3%) and those of raw food materials almost stabilised(−0.1% after −1.0%).

Publications for experts
Informations rapides – No 298
Paru le : 11/16/2016

In October 2016, the price in euros of crude oil increased sharply (+9.6% after +0.1%) to stand at 45.1€ on average per barrel. The price of Brent crude is higher than a year before (+5.37%). The prices in euros of the other imported commodities bounced back (+1.8%), after two months of decline (−1.2% in September and −2.0% in August): the prices of industrial raw materials picked up (+3.0% after −1.3%) and those of raw food materials almost stabilised(−0.1% after −1.0%).

Oil price increased significantly

In October, the price in euros of crude oil from the North Sea (Brent) increased sharply (+9.6% after +0.1%), following the OPEP announcement about a potential agreement to reduce production. Expressed in dollars, the price rise was slightly less marked (+7.7% after +0.1%) because the euro depreciated a little during the month.

G_petrole_ang – Oil (Brent)

  • Source: INSEE

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 49.7 7.7 10.3 3.3
Brent in € per barrel 45.1 9.6 10.8 5.4
Gasoline €/L 0.365 7.8 12.2 17.9
Gas Oil 420.1 12.5 14.7 3.0
Heavy fuel 264.6 7.3 21.7 17.0
Naphtha 398.9 14.3 14.6 2.8
  • Prices are in euros per tonne unless otherwise specified
  • Source : INSEE

Industrial commodity prices picked up

The prices in euros of industrial raw materials bounced back in October (+3.0% after −1.3%). Minerals prices recovered (+3.0% after −1.3%). The price of iron ore picked up (+4.2% after −6.3%); the prices of non-ferrous metals also went up (+3.4% after +0.0%). In contrast, the prices of precious metals declined for the third month in a row (−4.7% after −0.8%). The prices of agricultural raw materials also bounced back (+3.0% after −1.2%), particulary for sawn softwood (+3.4% after −3.8%) and natural rubber (+9.1% after 2.3%).

G_indus_ang – Industrial raw materials

  • Source: INSEE

Raw food material prices held steady

Expressed in euros, the prices of raw food materials remained practically stable (−0.1%), after three months of decline (−1.0% in September). Cereal prices recovered (+1.8% after −3.8%), as the corn price rose sharply (+8.1% after +1.8%). Tropical foodstuff prices bounced back (+0.7% after −0.3%): arabica and robusta prices kept increasing, wich offset a further decline in cacao price. The price of sugar increased strongly again (+9.2% after +6.6%), buoyed by weak harvests in Bresil. The decline in beef meat price eased (−1.0% after −6.3%), as the milk world price has recovered. In contrast, the prices of oil seeds and vegetable oils slid (−2.6% after −0.1%), because the soybean meal price decreased for the fourth month in a row.

G_alim_ang – Food

  • Source: INSEE

G_ensemble_ang – Imported raw materials (excluding energy)

  • 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 210.0 –0.1 –4.8 –1.2
Tropical foodstuffs 211.7 0.7 –1.9 –1.9
Oil seeds, vegetable oils 228.7 –2.6 –7.2 –2.1
Cereals 146.0 1.8 –11.1 –1.1
Sugar 232.9 9.2 16.8 65.2
Beef meat 132.9 –1.0 –8.4 –16.8
Industrial raw materials 158.0 3.0 0.8 9.7
Agricultural raw materials 117.6 3.0 0.7 9.8
Natural Fibres 136.5 2.7 –2.1 16.2
Natural rubber 151.9 9.1 10.9 21.7
Hides 78.6 4.0 2.6 4.4
Wood pulp 99.6 1.6 0.1 –0.7
Tropical wood 93.5 –4.4 –5.8 –17.9
Sawn softwood 104.3 3.4 –1.1 25.3
Minerals 180.2 3.0 0.8 9.6
Iron ore 389.9 4.2 2.9 12.2
Non-ferrous metals 148.2 3.4 1.3 7.9
Precious metals 245.8 –4.7 –9.1 7.6
All commodities 171.0 1.8 –1.4 5.0
  • Source : INSEE