WTI Crude Oil Price Outlook
West Texas Intermediate (WTI) crude prices plunged over the past month, rocked by uncertainty over elections in the U.S. and a frail global demand backdrop due to soaring Covid-19 cases. WTI crude oil prices traded at USD 37.0 per barrel on 6 November, which was 8.8% lower than on the same day last month. Moreover, the price was 34.2% lower than on the same day last year and was down 39.5% on a year-to-date basis. The second wave of the Covid-19 pandemic hit Europe and the U.S. hard in late October, prompting authorities to reintroduce lockdown measures in most countries and hammering oil prices in turn. This, coupled with bearish factors in the U.S.— rising oil output, the absence of further fiscal stimulus and election-related uncertainty—sent WTI prices diving to a five-month low on 30 October. Although prices rebounded strongly in early November, on premature signs of an election victory for President Trump, Joe Biden’s projected victory in the elections dealt another blow to prices in recent days, as markets reacted to a green new deal agenda and likely re-engagement with Iran. Shrinking U.S. crude oil inventories and news that Russia is planning to roll over current production cuts until the end of Q1 2021 supported the prices, however.WTI Crude Oil Price History Data (USD per barrel, aop)
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| WTI Crude Oil | 48.68 | 43.28 | 50.84 | 64.94 | 56.97 |
Sample Report
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
WTI Crude Oil Historical Price Chart
Sample Report
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
© Copyright: 2021. | WTI crude Oil Price | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed
