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October 18th, 2024

Crude Oil Price | Prices | Pricing | News | Database | Chart

North America

In Q2 2024, the US crude oil market encountered notable volatility, shifting between bullish and bearish trends. In April, rising geopolitical risks and supply disruptions led to a spike in oil prices. U.S. futures hit a five-month high after reports surfaced that an Israeli missile strike damaged the Iranian consulate in Damascus, Syria.

However, in May 2024, bearish sentiment prevailed, largely due to increasing supply. Key oil producers began lifting production cuts, resulting in a significant rise in US crude oil inventories. Weak export orders and falling global demand added to the supply glut, while high interest rates stifled economic activity and fuel consumption, pushing prices downward. Within North America, the United States experienced the most pronounced price swings. The growing inventories and the effects of high interest rates on economic growth and oil consumption were key contributors. By the end of June 2024, WTI crude oil prices settled at $79 per barrel.

APAC

The crude oil market in the Asia-Pacific region also faced challenges in Q2 2024, fluctuating from bullish to bearish trends. In April, India's crude oil imports dropped by approximately 9% from March, reaching about 1.25 million barrels per day. This decrease led to a supply shortage and a spike in import prices. Additionally, outages at Russian refineries further destabilized the market, while OPEC+ exerted pressure on some countries to adhere to agreed production cuts through the second quarter.

By June, however, the market landscape had shifted. Geopolitical tensions eased, and US crude oil production surged. OPEC+'s decision to gradually end production cuts starting in October increased the supply-demand imbalance, leading to lower prices. Rising global oil inventories and high interest rates dampened demand, reinforcing the bearish trend.

Europe

In Q2 2024, Europe's crude oil market also faced considerable challenges, swinging between optimism and caution. In April, geopolitical risks and supply disruptions, such as the Israeli missile strike on the Iranian consulate in Damascus, pushed oil prices higher, with U.S. futures reaching a five-month peak.

However, by May 2024, high supply levels and weakening demand, driven by easing geopolitical tensions and stable oil production, reversed the trend. Economic uncertainties, high interest rates, and rising U.S. stockpiles further fueled the global oversupply narrative, putting additional downward pressure on prices. Germany experienced the largest price fluctuations within Europe, and by the end of Q2 2024, Brent crude prices in the country settled at $83 per barrel, reflecting the quarter's mixed market conditions.

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