Brent Crude Oil Prices

Brent crude oil prices averaged USD 66.93 per barrel in April, down 6.7% from March. On 30 April, the commodity traded at USD 64.33 per barrel, down 14.0% from 31 March.

April’s decline was the third in a row, the sharpest in seven months, and brought average prices to their lowest level since April 2021—before the onset of the global energy crisis. President Trump’s tariffs led our panelists to slash their forecast for 2025 world economic growth—which is correlated with oil demand—by 0.3 percentage points to 2.5% over the past month. Regarding supply, in April, OPEC+ agreed to hike oil output in May three times more than earlier planned, adding downward pressure on prices.