WTI Crude Oil Price OutlookWTI Crude Oil prices continued to rally in the last few weeks amid signs that the global oil market rebalancing is underway. On 3 November, WTI Crude Oil prices traded at USD 55.6 per barrel, which marked an over two-year high. The print was up 10.3% from the same day last month and was 3.5% higher on a year-to-date basis. The price was up 24.6% from the same day in November of last year. WTI Crude Oil prices are benefiting from the successful implementation of the OPEC-led oil cut deal, which is restraining global supply and pushing up prices, and robust global demand. Moreover, officials from Russia and Saudi Arabia have been amenable to an extension of the deal well into 2018. U.S. crude oil inventories fell 2.4 million barrels in the week ending on 27 October, which was steeper than the 1.75 million barrels decline expected by analysts surveyed by Thomson Reuters, and brought inventories to the lowest level since January 2016. The wide spread between the price for a barrel of U.S. West Texas Intermediate Crude and Brent Crude is spurring demand for U.S. crude oil. In the last week of October, U.S. oil exports reached a new high of 2.13 million barrels per day.
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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