Based on World Bank data, global crude oil prices increased throughout the first quarter of 2024.
By March 2024, the monthly average price of Brent crude oil had reached US$85.45 per barrel, up 2.0% compared to February 2024 (month-on-month/mom), and 8.8% higher than March 2023 (year-on-year/yoy).
During the same period, the price of West Texas Intermediate (WTI) crude oil reached US$80.49 per barrel, up 4.9% month-on-month (mom) and 9.7% higher than a year ago (yoy).
The United States Energy Information Administration (EIA) projects that world oil prices will rise further in the second quarter of 2024 due to declining inventories.
The EIA states that global crude oil inventories have fallen because the Organization of the Petroleum Exporting Countries and its partners, OPEC+, have cut their production.
"Due to declining supplies, we expect the average Brent crude oil spot price to reach US$88 per barrel in the second quarter of 2024," the EIA said in its March 2024 Short-Term Energy Outlook report.