WTI Crude Oil Price OutlookU.S. oil prices registered some gains towards the end of August and beginning of September on the back of a decline in U.S. inventories and prospects for an oil cap deal by OPEC members and other major producers. On 9 September, the WTI Crude Oil price was up 7.2% from the same day in August, settling at USD 45.9 per barrel. The U.S. benchmark has recovered from the lows registered earlier this year and was 23.6% higher on a year-to-date basis and an annual comparison shows that the recovery, although timid, is ongoing as the price was up 4.0% from the same day of last year. After reaching a four-month low at the beginning of August, WTI Crude Oil prices rebounded in the first week of September. This reflected a 14.5 million-barrel inventory decline in the U.S due to hurricane Hermine, which delayed tanker imports. The upward pressure was also caused by the markets’ reaction to the possibility of a deal among major oil producers to freeze output at current levels. In its most recent Short Term Energy Outlook, the U.S. Energy Information Administration (EIA) expects global oil inventory builds to remain strong in the second half of 2016, but it reckons that they will remain well below the levels registered in 2015. This, in turn, will continue exerting some downward pressure on prices.
WTI Crude Oil Price History Data (USD per barrel)
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Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Note: West Texas Intermediate (WTI) Crude Oil, prices in USD per barrel (bbl). Prices are average of period (aop).
WTI Crude Oil Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities