Brent crude prices fluctuated in FY24 due to OPEC+ actions

Brent crude prices in FY24 fluctuated due to OPEC+ supply cuts and geopolitical events. Prices peaked at $97.69 per barrel in September 2023 post-Israel-Hamas war, and hit a low of $71.28 in May 2023 pre-OPEC meeting. OPEC+ cut production by 1.16 million bpd in April 2023, leading to an 8% price increase. Further cuts were announced, with Saudi Arabia reducing production by 1 million bpd.