WTI Crude Oil Price OutlookWTI Crude Oil prices recovered strongly in the aftermath of Hurricanes Harvey and Irma and they have been consistently trading above the psychological mark of USD 50 per barrel since mid-September. In fact, WTI Crude Oil prices hit a five-month high on 27 September. However, prices dipped below the mark on 6 October, with WTI Crude Oil prices trading at USD 49.3 per barrel. The print was up 0.4% from the same day last month but was 8.2% lower on a year-to-date basis. The price was down 2.2% from the same day of October last year. WTI Crude Oil prices are in a sweet spot: demand from oil refineries is rising as they are compensating for lost supply following earlier disruptions from Hurricanes Irma and Harvey in early September. Moreover, U.S. crude oil inventories declined by 6 million barrels in the week to 29 September, largely exceeding analysts’ expectations for a fall of 756,000 barrels. Along with higher domestic demand, the sharp decline reflects soaring U.S. crude oil exports, which hit an all-time high of 1.98 million barrels per day in the week ending on 29 September. The increase has in part been driven by a recent widening gap in the price for a barrel of U.S. West Texas Intermediate Crude and Brent.
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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