Brent Crude Oil Prices

Brent prices averaged USD 75.7 per barrel in May, down 9.3% from April’s price and 32.4% lower than in the same month last year. Meanwhile, on 31 May, Brent traded at USD 73.2 per barrel, 8.0% lower than on the same day of the previous month.

Brent prices fell in May. Money managers trading on the ICE exchange offloaded 47 million barrels of Brent between 26 April and 30 May as qualms regarding the demand outlook intensified. Economic data for China released in early May disappointed, and the threat of a U.S. default—finally averted late in the month—loomed for much of the month. Uncertainty about whether the U.S. Fed will hike at its next meeting likely further pushed money managers to avoid making bullish long bets on Brent. On the supply side, these concerns were accentuated by data showing that Russian crude exports remained resilient and slightly above pre-war levels throughout May.