Page 31 - Policy Economic Report - October 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Figure 19: Benchmark price of Brent, WTI and Dubai crude

125
115
105

95
85
75
65
55
45
35
25

Brent Spot Price ($/bbl) WTI Spot Price ($/bbl) Dubai spot price ($/bbl)

Source- World Bank

• Brent crude price averaged $75.05 per bbl in October 2024, up by 2.9% on a month on month
(MoM) and down by 15.7% on year on year (YoY) basis, respectively.

• WTI crude price averaged $71.18 per bbl in October 2024, up by 1.9% on a month on month (MoM)
and down by 17.5% on year on year (YoY) basis, respectively.

• Dubai crude price averaged $74.20 per bbl in October 2024, up by 3.0% on a month on month
(MoM) and down by 15.8% on year on year (YoY) basis, respectively.

Table 2: Crude oil price in October, 2024

Crude oil Price ($/bbl) MoM YoY
(%) change (%) change
Brent 75.05
WTI 71.18 2.9% -15.7%
Dubai 74.20 1.9% -17.5%
Source- World Bank 3.0% -15.8%

October 2024 Page | 30