Brent Crude Oil Prices

Brent crude oil prices averaged USD 84.96 per barrel in March, up 3.9% from February. On 29 March, the commodity traded at USD 87.42 per barrel, up 4.3% from 29 February.

Supply cuts by OPEC+ and robust demand drove up prices in March. The oil cartel extended its two-million-barrel-a-day cut to the end of June, limiting global supply. Adding further pressure, Russia committed to focus more on cuts to output rather than exports, and the risk of wider conflict in the oil-producing Middle East remained high. On the demand side, consumption has exceeded market expectations in recent weeks, aided by a strong U.S. economy and the rerouting of ships away from the Suez Canal.