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WTI Crude Oil Price Outlook

Prices retreated in recent weeks from the multi-year highs recorded at the end of June. Higher global oil supply in June and a surprise increase in U.S. crude inventories in the week ending 27 July fostered bearish sentiment. However, news of strong U.S. economic growth in the second quarter of this year helped limit declines. WTI Crude Oil traded on 3 August at USD 68.5 per barrel, which was 7.7% lower than on the same day last month. However, the price was up 13.3% on a year-to-date basis and it was 39.7% higher than on the same day last year. WTI Crude Oil prices were stable in the mid-USD 70 range in early July before falling on 11 July when OPEC’s Monthly Oil Market Report showed that the organization’s members had collectively ramped up supply in June. Saudi Arabia and Russia led the increases, which more than outweighed declines in Libya, Venezuela and Angola. Moreover, although crude inventories in the U.S. fell throughout most of last month, they unexpectedly picked up in the week ending 27 July. However, support for WTI Crude came from the demand side on 27 July, when data was released showing solid growth in the U.S. economy in the second quarter of 2018.

WTI Crude Oil Price History Data (USD per barrel, aop)

2013  2014  2015  2016  2017  
WTI Crude Oil97.97  93.02  48.68  43.28  50.84  

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities.

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WTI Crude Oil Historical Price Chart


WTI Crude Oil historical price chart
Note: West Texas Intermediate (WTI) Crude Oil, prices in USD per barrel (bbl). Daily prices.

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities

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