WTI Crude Oil Price OutlookWest Texas Intermediate (WTI) crude oil prices were broadly stable in recent weeks, remaining at low levels compared to the previous year. WTI crude oil prices traded at USD 56.5 per barrel on 6 September, which was up 5.3% from the same day last month. The surge reflected a base effect from last month. While the price was down 16.8% from the same day last year, it was 25.0% higher on a year-to-date basis. Escalating trade tensions between China and the United States continued to contain oil prices. Moreover, on 23 August, China announced tariffs on U.S. oil imports for the first time since the trade war with the U.S. broke out in early 2018. This decision could widen the spread between the oil price of the U.S. benchmark and the Brent as the U.S. will be forced to find new oil buyers to compensate for a potential reduction in oil purchases from China. A backdrop of relatively low oil prices and rising uncertainties about the health of the shale oil industry, highlighted by rising bankruptcies in the sector, is leading to a steady decline in oil rigs. In fact, the number of oil rigs in the United States has fallen to the lowest levels since January 2018. Meanwhile, inventories EIA data for the week ending 30 August showed crude stocks fell 4.8 million barrels, surpassing expectations and despite an increase in imports.
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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