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WTI Crude Oil Price Outlook

Lingering supply tightness and sturdy global demand continued to bolster global oil prices in recent weeks. WTI crude oil traded at USD 81.3 per barrel on 5 November, which was up 2.6% from the same day last month. Moreover, the price was up 110.7% from the same day last year and was 68.0% higher on a year-to-date basis. WTI oil prices trended upwards over the past month, breaking above USD 80 per barrel for the first time since 2014 in late October. Soaring LNG prices amid the global energy crunch continued to prompt gas-to-oil switching, which, coupled with healthier travel demand prospects, boosted crude prices. On the production side, overcompliance with OPEC+ output curbs also supported prices. Notably, the spread between WTI and Brent oils has shrunk markedly recently, chiefly due to a tightening U.S. market. That said, cooling prices for natural gas and coal towards the end of October, as well as reports of a planned resumption of Iranian nuclear deal talks by late November, have bruised crude prices more recently.

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  

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities.

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WTI Crude Oil Historical Price Chart


WTI Crude Oil historical price chart
Note: West Texas Intermediate (WTI) Crude Oil, prices in USD per barrel (bbl). Daily prices.

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities

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