Brent Crude Oil Prices

Brent prices averaged USD 83.5 per barrel in April, 5.4% higher than March’s price but down 21.3% from the same month last year. Meanwhile, on 28 April, Brent traded at USD 79.5 per barrel, down 0.3% from the same day of the previous month.

Brent prices rose in early April after OPEC+ said that it would cut output from May onward, tightening supply ahead and stoking prices as a result. Nonetheless, oil prices then eased from mid-April. The market approached technical resistance—a price level at which an asset is likely to reverse trend, such as the 100-day moving average; investors remained cautious as they waited out the U.S. Fed’s next policy decision. Their caution was likely exacerbated by data showing that Russian crude exports rose above 4 million barrels per day in the week ending April 28—a level only surpassed once since the country invaded Ukraine. Investors also grew more bearish after data showing China’s recovery may be losing some steam.