WTI Crude Oil Price OutlookWTI Crude Oil prices broke the psychological USD 70 per barrel mark for the first time in over three years on 10 May due to strong fundamentals—limited supply and strong demand—and mounting geopolitical risks. On 11 May, WTI Crude Oil prices traded at USD 70.7 per barrel. The print was up 5.8% from the same day last month and was 16.9% higher on a year-to-date basis. The price was up 47.9% from the same day last year. Oil prices continued to rally in recent weeks as oil markets tighten due to reduced output by participants in the OPEC oil cap deal. Moreover, strong economic growth worldwide, particularly in the United States, is boosting demand for the black gold. In the context of higher oil prices, the U.S. rig count continued to increase in May, paving the way for the country to reach new oil production highs. Against this backdrop, the Energy Information Administration reported a draw of 2.2 million barrels in U.S. crude oil inventories in the week ending on 4 May, nearly doubling the 700,000-barrel reduction expected by market analysts. As a result, U.S. crude oil inventories are in the lower half of the average range for this time of year. Furthermore, the U.S.’s decision to withdraw from the Iran nuclear deal on 8 May is adding to the bullish sentiment.
WTI Crude Oil Price History Data (USD per barrel, aop)
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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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