WTI Crude Oil Price OutlookWest Texas Intermediate (WTI) crude oil prices have fallen to seven-month lows over the last month on signs of ample supply, despite declining output from Iran. WTI crude oil prices traded at USD 63.1 per barrel on 2 November, which was 16.0% lower than on the same day last month. However, the price was up 4.4% on a year-to-date basis and it was 15.7% higher than on the same day last year. Prices for the U.S. oil benchmark have tanked in recent weeks as markets began to price in less severe supply constraints than previously expected following the imposition of punitive U.S. sanctions on Iran. Robust EIA data for the week ending 26 October showed U.S. crude oil inventories rose by 3.2 million barrels, expanding for the sixth consecutive week. Moreover, a survey for October placed OPEC production at its highest level since 2016, while Russia pumped at a near-record high in the same month. In tandem, the outlook for oil demand has turned more downbeat. Despite a strong U.S. economy, reflected by solid Q3 GDP growth, a Chinese slowdown and currency weakness in emerging markets have generated concerns that demand for oil could be waning. Against this backdrop of higher supply and softer demand, a recent announcement by OPEC hinted the organization could reimpose stricter production limits at its 6 December meeting.
WTI Crude Oil Price History Data (USD per barrel, aop)
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Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
WTI Crude Oil Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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