WTI Crude Oil Price OutlookAlthough West Texas Intermediate (WTI) crude oil prices climbed in early April and hit a nearly six-month high on 23 April, they subsequently receded on escalating trade tensions between China and United States. WTI crude oil prices traded at USD 61.7 per barrel on 11 May, which was 4.6% lower than on the same day last month and was 13.6% lower than on the same day last year. However, the price was up 36.5% on a year-to-date basis. The rally observed for most of April reflected strong compliance by OPEC+ members on agreed production cuts, the U.S. decision to end waivers to allow eight counties to buy Iranian oil and falling production in Venezuela. However, the trend reversed in recent weeks mainly due to two factors. First, President Trump announced tariffs would be increased to 25% for USD 200 billion of Chinese imports on 11 May, threatening global oil demand. Second, domestic oil production in the United States continued to surge in recent weeks, especially in the Permian Basin. Against this backdrop, the EIA lifted its forecast on U.S. crude production for this year to 14.45 million barrels per day.
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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