WTI Crude Oil Price OutlookThe recovery in West Texas Intermediate (WTI) crude oil prices continued in recent weeks from December’s over-one-year low, although strong oil production in the United States is restraining the rally. WTI crude oil prices traded at USD 55.8 per barrel on 8 March, which was up 5.7% from the same day last month. Although the price was down 7.3% from the same day last year, it was 23.5% higher on a year-to-date basis. The successful implementation of the oil production cuts by OPEC+ and expectations that China and the U.S. would reach a trade deal soon are tightening global oil markets worldwide. However, the spread between Brent oil prices, the global benchmark, and WTI oil prices—the reference for the U.S. market—remains relatively large as surging U.S. domestic production exerts downward pressure on WTI oil prices. According to the latest report by the U.S. Energy Information Administration, crude oil inventories rose by 7.1 million barrels per day (mbpd) in the United States in the week ending 1 March, well above the 1.2 mbpd expected by market analysts. The increase reflected strong oil imports as well as reduced exports of U.S. oil. Moreover, in a sign that U.S. oil markets remain sufficiently supplied, the EIA reported that crude oil inventories are about 3% above the five-year average for this time of year.
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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