In July 2017, oil price recovered barelyPrices of oil and raw material imports - July 2017

In July 2017, the price of crude oil in euros recovered barely (+0.6% after −8.8%). The prices in euros of all other imported commodities were virtually stable, after a four-month decrease (−0.2% after −4.3%). The prices of industrial raw materials picked up (+1.6% after −4.2%) and those of raw food materials decreased less sharply than in June (−2.1% after −4.4%).

In July 2017, the price of crude oil in euros recovered barely (+0.6% after −8.8%). The prices in euros of all other imported commodities were virtually stable, after a four-month decrease (−0.2% after −4.3%). The prices of industrial raw materials picked up (+1.6% after −4.2%) and those of raw food materials decreased less sharply than in June (−2.1% after −4.4%).

Oil price recovered a little

In July 2017, the price of North Sea crude oil (Brent) in euros recovered slightly (+0.6% after –8.8%). It reached an average of €42.2 per barrel. In dollars, the rebound was more marked (+3.2% after −7.4%) because the euro appreciated again during the month.

Graph1 – Oil (Brent)

  • Source : INSEE

Table1 – 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 48.6 3.2 –8.4 7.9
Brent in € per barrel 42.2 0.6 –14.7 3.6
Gasoline €/L 0.362 5.6 –9.8 11.1
Gas Oil 393.1 4.0 –12.1 7.3
Heavy fuel 286.2 0.2 –4.0 31.6
Naphtha 362.3 0.7 –18.3 4.1
  • Prices are in euros per tonne unless otherwise specified
  • Source : INSEE

Industrial commodity prices recovered slightly

In July 2017, the prices in euros of industrial raw materials recovered somewhat (+0.9% after −4.2%). This increase was due to a rebound in minerals prices (+1.8% after −4.3%) mainly because of the iron ore (+14.1 after −9.0%). The prices of non-ferrous metals were virtually stable (−0.2%) after a sharp decline (−7.6% over the last three months). The decrease in the prices of precious metals was steeper (−5.6% after −1.3%). The prices of agro-industrial raw materials declined less sharply than in the previous month (−2.5% after −3.9%). Notably, the price of tropical wood declined less than in June (−1.8% after −4.0%), as those of natural fibres (−3.9% after −5.9%). However, the price of wood pulp fell back (−2.8% after +0.4%) and hide ones plummeted further (−8.6% after −4.3%). Only the price of natural rubber bounced back (+2.6% after −8.0%), due to a lacking supply.

Food commodity prices decreased less sharply than in June

In euros, the prices of raw food materials decreased less sharply than in June (−2.1% after −4.4%). Nevertheless, they reached their lower level since January 2014. The prices of tropical foodstuffs declined less than in June (−2.2% after −4.2%). The prices of oil seeds and vegetable oils recovered (+1.8% after −5.4%), as well as those of sugar (+1.0% after −16.4%) as a result of the Brazilian real appreciation. In contrast, the prices of cereals retreated (−1.8% after +3.4%) and the price of beef meat plummeted (−11.7% after −4.1%).

Table2 – 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 189.1 –2.1 –7.6 –14.3
Tropical foodstuffs 161.0 –2.2 –9.8 –25.4
Oil seeds, vegetable oils 218.8 1.8 –4.6 –11.1
Cereals 158.6 –1.8 2.9 –3.4
Sugar 134.2 1.0 –21.3 –32.7
Beef meat 141.4 –11.7 –13.8 –2.6
Industrial raw materials 165.4 0.9 –9.1 5.5
Agricultural raw materials 121.0 –2.5 –10.5 3.6
Natural Fibres 139.1 –3.9 –11.0 –0.3
Natural rubber 142.4 2.6 –13.8 4.0
Hides 62.2 –8.6 –22.3 –18.7
Wood pulp 102.5 –2.8 –3.4 3.0
Tropical wood 91.9 –1.8 –6.5 –7.3
Sawn softwood 112.7 –3.2 –17.3 6.9
Minerals 189.4 1.8 –8.7 5.9
Iron ore 430.3 14.1 –11.9 13.6
Non-ferrous metals 155.5 –0.2 –7.6 6.3
Precious metals 227.6 –5.6 –12.4 –15.8
All commodities 169.4 –0.2 –8.6 –2.4
  • Source : INSEE

Graph3 – Food

  • Source : INSEE

Graph2 – Imported raw materials (excluding energy)

  • Source : INSEE

Graph4 – Industrial raw materials

  • Source : INSEE