WTI Crude Oil Prices

WTI crude oil prices averaged USD 81.41 per barrel in March, up 5.2% from February. On 29 March, the commodity traded at USD 83.96 per barrel, up 6.0% from 29 February.

In March, rising tensions in the Middle East, better-than-expected crude consumption and OPEC+’s extension of supply cuts until the end of June supported prices. U.S. data further aided prices: Recent figures showed U.S. oil production dropped the most since February 2021 in January due to a cold snap, and the U.S. rig count stayed at one of the lowest levels since early 2022. That said, capping the rally, U.S. oil inventories rose 1.7 million barrels per day in 2–22 March; markets had expected no change.