WTI Crude Oil Price OutlookWTI Crude Oil prices hit their highest level since November 2014 on 26 June on the back of a tightening U.S. oil market and political tensions with Iran. In the following days, prices fell slightly, trading on 6 July at USD 73.8 per barrel. The print was up 13.9% from the same day last month and was 22.0% higher on a year-to-date basis. Moreover, the price was up 62.1% from the same day last year. Oil prices rallied from the second half of June following a soft patch at the end of May, when prices were affected by oversupply concerns. Since then, declining inventories in the United States and fears that the U.S.-led sanctions against Iran could reduce global oil output propelled WTI Crude Oil prices. Moreover, a U.S. economy firing on all cylinders is ensuring strong demand for oil. In the first days of June, oil prices moved sideways, and, according to a release from 5 July, the United States unexpectedly posted a small crude build of 1.2 million barrels per day in the week ending 29 June. Moreover, U.S. President Trump is pressuring OPEC countries to pump more oil to lower prices, further rattling oil markets.
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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