The United States Federal Reserve (Fed) lowered its economic growth forecast, while the US government inventory report eased concerns about demand, resulting in an increase in international crude oil prices on March 19.

West Texas Intermediate (WTI) crude for April delivery increased by 0.4%, reaching US$67.16/barrel on the New York Mercantile Exchange. Brent crude for the May delivery rose by 0.3%, settling at US$70.78/barrel.