WTI Crude Oil Price OutlookWest Texas Intermediate (WTI) crude prices were relatively volatile over the past month, against the backdrop of muted global demand conditions, geopolitical risks and supply fears. WTI crude oil prices traded at USD 40.4 per barrel on 9 October, which was 6.3% higher than on the same day last month. Meanwhile, the price was 23.2% lower than on the same day last year and was down 33.9% on a year-to-date basis. Diverging supply- and demand-side factors rocked WTI prices in recent weeks. On the one hand, a weaker-than-expected recovery in global demand amid soaring numbers of Covid-19 cases weighed on oil prices at the end of Q3. On top of that, geopolitical risks in the run-up to the U.S. elections, President Trump’s coronavirus diagnosis and a halt in the U.S. fiscal stimulus negotiations exerted further downward pressure on prices in early October. On the other hand, fears of supply disruptions due to Hurricane Delta in the Gulf of Mexico and the oil worker strike in Norway bolstered WTI prices in early October. That said, rising U.S. oil production and falling crude exports saw oil stocks shoot up in the same period, keeping supply fears at bay and tempering the upturn in prices.
WTI Crude Oil Price History Data (USD per barrel, aop)
|WTI Crude Oil||48.68||43.28||50.84||64.94||56.97|
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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