Global Crude Oil Prices Weakened in May 2024

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Adi Ahdiat 05/06/2024 11:27 WIB

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According to World Bank data, global crude oil prices weakened in May 2024, after rising for four consecutive months.

Average Monthly Prices of Brent and WTI Crude Oil (January 2020-May 2024)

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Average Monthly Prices of Brent and WTI Crude Oil (January 2020-May 2024)

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According to World Bank data, global crude oil prices weakened in May 2024, after rising for four consecutive months since the beginning of the year.

In May 2024, the monthly average price of Brent crude oil reached US$82 per barrel, down 8.9% compared to April 2024 (month-on-month/mom).

Meanwhile, the price of West Texas Intermediate (WTI) crude oil in May 2024 fell 6.8% (mom) to US$78.81 per barrel.

Despite the monthly decline, Brent and WTI prices are still about 8-10% higher than in May of the previous year, as detailed in the graph.

The United States Energy Information Administration (EIA) also projects that world oil prices will not weaken significantly throughout 2024.

"We expect that the voluntary OPEC+ crude oil production cuts and continued geopolitical risks will keep the Brent crude oil spot price near US$90 per barrel for the remainder of 2024," the EIA stated in its May 2024 edition of the Short-Term Energy Outlook report.

The EIA predicts that oil prices will only fall to an average of US$85 per barrel in 2025, in line with increasing global oil production growth.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Global Crude Oil Prices Weakened in May 2024

Global Crude Oil Prices Weakened in May 2024

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