WTI Crude Oil Prices

WTI prices averaged USD 79.3 per barrel in April, up 8.2% from March’s price but 22.3% lower than in the same month last year. Meanwhile, on 28 April, WTI traded at USD 76.8 per barrel, 1.5% higher than on the same day of the previous month.

WTI oil prices rose in early April after OPEC+ said it would cut output from May onward. Further straining the supply outlook, the number of U.S. oil rigs fell for the fifth consecutive month in April. Nonetheless, the spot price of WTI dipped from mid-April. Investors remained cagey ahead of the U.S. Fed’s next policy decision, especially in the light of weak U.S. economic data. Adding to the bearish mood among investors, Russian oil exports rose above 4 million barrels in the week ending April 28 for only the second time since the war in Ukraine began, and data released in the month suggested China’s recovery may lose steam ahead.