Baku: Brent oil prices have experienced a notable decrease of 9% in the first quarter of this year compared to the same period last year, as outlined in the World Bank’s monthly commodity price report. The average price for a barrel of Brent oil from January to March was $75.6, down from $83.1 during the corresponding months in the previous year.

According to Azeri-Press News Agency, the report highlights that the average price of Brent oil in March stood at $72.6, which represents a 3.5% drop from February’s average price of $75.2. The report also forecasts a slight decrease in the average price of Brent oil in 2024, predicting it to be $80.7-a 2.3% reduction from the 2023 average of $82.6.

Additionally, the report provides insights into the price trends of WTI (West Texas Intermediate) oil. It states that the average price per barrel for WTI in the first quarter of this year was $71.4, marking a 7.3% decrease compared to the first quarter of 2024, where the average was $77. In March, the WTI average price was reported at $67.8, showing a 4.9% decline from February’s $71.3. Furthermore, last year’s average WTI price was $75.8, which is 2.4% lower than the preceding year’s average of $77.7.