WTI Crude Oil Price OutlookWest Texas Intermediate (WTI) crude oil prices continued to recover in recent weeks after they hit an over one-year low of USD 44.5 per barrel in late December. However, recent news that the U.S. was pumping a record-high 12 million barrels per day during the week ending 1 February has subsequently exerted some downward pressure on prices. WTI crude oil prices traded at USD 52.8 per barrel on 8 February, which was up 6.4% from the same day last month. Although the price was down 13.9% from the same day last year, it was 16.8% higher on a year-to-date basis. WTI crude oil prices extended gains in recent weeks amid OPEC+ production cuts, a more dovish U.S. monetary policy and U.S. sanctions imposed upon the Venezuelan state-owned oil company. Most notably, the implementation of oil production cuts led by OPEC+ has already delivered almost three quarters of their pledged cuts, according to recent surveys, translating into higher prices. WTI crude oil prices have also benefited from a pause in the U.S. Federal Reserve interest rate hikes and U.S. sanctions against Petróleos de Venezuela SA (PDVSA), which are choking production. In contrast, U.S. crude oil inventories climbed for the third consecutive period in the week ending 1 February amid surging domestic oil production. U.S. crude oil inventories are therefore about 6% above the five-year average.
WTI Crude Oil Price History Data (USD per barrel, aop)
|WTI Crude Oil||97.97||93.02||48.68||43.28||50.84||64.94|
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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