Brent Crude Oil Prices

Brent crude oil prices averaged USD 71.74 per barrel in March, down 4.5% from February. On 31 March, the commodity traded at USD 74.78 per barrel, up 1.7% from 28 February.

Brent prices lost ground for the second consecutive month in March, plumbing some of the lowest levels since the global energy crisis began in late 2021. Demand-wise, U.S. tariffs led market analysts to downgrade their forecasts for 2025 world economic growth—which affects demand for oil—as seen by our Consensus Forecast, which fell by 0.1 percentage point to 2.8%. Supply-wise, OPEC+ said it would proceed with output hikes from April despite recent weakness in prices.