Crude oil prices increased in the fi rst half of the year because of supply concerns.  Russia’s full-scale invasion of Ukraine came during eight consecutive quarters (from the third quarter of 2020 to the second quarter of 2022) of global crude oil inventory decreases.

    The lower inventory was the result of withdrawals from storage to meet the demand that resulted from rising economic activity after pandemic-related restrictions eased. The spot price of Brent crude oil, a global benchmark, started the year at $87 per barrel and increased to a high of $123 per barrel in June before declining in the final weeks of the year.