Global Oil Prices Rise at the Start of Q3 2024

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Adi Ahdiat 05/08/2024 13:19 WIB

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Global oil prices rose again at the beginning of the third quarter of 2024, continuing the upward trend from the end of the previous quarter.

Average Monthly Price of World Crude Oil (January 2022-July 2024)

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Average Monthly Price of World Crude Oil (January 2022-July 2024)

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Global oil prices rose again at the beginning of the third quarter of 2024, continuing the upward trend from the end of the previous quarter.

According to World Bank data, in July 2024 the average Brent crude oil price reached US$85.30 per barrel, up 3.3% compared to June 2024 (month-on-month/mom). The WTI price increased by 2.1% (mom) to US$80.54 per barrel.

The Brent price in July 2024 was also 6.5% higher than in July of the previous year (year-on-year/yoy), while the WTI price was 5.4% higher (yoy).

Overall, the World Bank projects the average global crude oil price for this year to reach US$84 per barrel, a 1.7% increase (yoy) compared to 2023, which averaged US$82.6 per barrel.

However, the World Bank assesses that [link to Indonesian article about World Bank's oil price projection] there are risks that could push oil prices higher than projected, such as an escalation of geopolitical conflicts and lower-than-expected oil supply.

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."