WTI Crude Oil Prices

WTI crude oil prices averaged USD 68.24 per barrel in March, down 4.6% from February. On 31 March, the commodity traded at USD 71.87 per barrel, up 2.7% from 28 February.

WTI prices fell for the seventh month since the current downtrend began in April 2024; prices have decreased by around a fourth in the last year. A stream of negative U.S. economic data amid new U.S. tariffs led Wall Street to lower energy demand forecasts. U.S. retail sales and job gains were softer than markets expected in January–February, while U.S. consumer confidence softened to an over four-year low in March. OPEC+’s confirmation in March of output hikes from April further deflated investor optimism.