WTI Crude Oil Prices

WTI crude oil prices averaged USD 62.20 per barrel in May, down 2.2% from April. On 30 May, the commodity traded at USD 61.46 per barrel, up 3.2% from 30 April.

WTI prices declined for the ninth time since starting their downtrend 13 months ago, bringing them 27% below levels at the slide’s outset. U.S. consumer sentiment remained at its lowest level since mid-2022 in May, while our panelists cut their 2025 GDP growth forecasts again for the country, in turn dampening prospects for oil demand. With regards to oil supply, in May, OPEC+ said it would raise output more than three times as quickly as originally planned for June–July, hurting prices further.