WTI Crude Oil Prices

WTI crude oil prices averaged USD 63.61 per barrel in April, down 6.8% from March. On 30 April, the commodity traded at USD 59.55 per barrel, down 17.1% from 31 March.

WTI prices fell for the eighth month since they began trending down a year ago, and are now roughly a quarter lower than they were then. Recent data showed the U.S. economy shrank in Q1, with the risk of a recession—and thus a downturn in oil demand—increasing; in April, U.S. consumer sentiment fell to its lowest since the height of the pandemic. Supply-wise, OPEC+ said in April that it would hike output more than originally planned in May, depressing prices further.