Brent Crude Oil Prices

Brent crude oil prices averaged USD 64.09 per barrel in May, down 4.2% from April. On 30 May, the commodity traded at USD 63.92 per barrel, down 0.6% from 30 April.

Oil prices fell for the fourth month running in May, bringing them to their lowest level since February 2021, before the global energy crisis began. Pressure came from both the demand and supply side. On the demand side, the U.S. President threatened a 50% levy on the EU and accused China of violating a recently agreed trade truce. On the supply side, in May, OPEC+ agreed to triple its previously planned oil output increase, mirroring April’s move.