Brent crude oil prices averaged USD 75.15 per barrel in February, down 3.9% from January. On 28 February, the commodity traded at USD 73.56 per barrel, down 4.2% from 31 January.
After rising at the sharpest pace in 16 months in January, Brent prices retreated in February, reaching some of the lowest levels since the onset of the global energy crisis in late 2021 at the end of the month. Donald Trump continued to dominate market news: On the demand side, his tariffs are set to hurt the world economy, dampening crude oil consumption in turn. On the supply side, his rapprochement with Vladimir Putin of Russia raises the prospect of higher crude exports ahead.
This chart displays Brent Crude Oil (US$/bbl) from 2023 to 2024.
Brent Crude Oil (prices in US$/bbl, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Brent Crude Oil | 82.24 | 77.89 | 85.88 | 82.97 | 81.87 | 85.02 | 78.87 | 74.03 |