WTI Crude Oil Price OutlookSolid demand for the black gold and restricted global supply of crude led WTI Crude Oil prices to peak on 26 January, hitting an over three-year high. Since then, however, prices for the U.S. crude oil’s benchmark declined on the back of volatility in the financial markets and a stronger U.S. dollar. On 9 February, WTI Crude Oil prices traded at USD 59.2 per barrel. The print was down 5.9% from the same day last month and was 2.1% lower on a year-to-date basis. The price was up 11.7% from the same day last year. Overall, WTI Crude Oil prices continue to benefit from reduced oil supply and strong demand for the commodity. However, prices receded in recent days following the stock market rout that began in February, which drove the Dow Jones to log the largest one-day fall on record on 5 February amid concerns about rising interest rates and inflation. Nevertheless, the impact of the plunge in the stock market is expected to be only temporary, as the economic fundamentals of the U.S. economy remain solid. Rising inventories in the U.S., along with a stronger dollar, have also added downward pressure on oil prices. The U.S. Energy Information Administration reported that domestic crude supplies rose 1.9 million barrels for the week ending on 2 February, while oil production in the U.S. reached a new high of 11.59 million barrels per day in the same week.
WTI Crude Oil Price History Data (USD per barrel, aop)
|WTI Crude Oil||94.08||97.97||93.02||48.68||43.28|
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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