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WTI Crude Oil Price Outlook

WTI prices rose in recent weeks due to the threat of an EU ban on most Russian oil—finally agreed to on 31 May—and rising demand from oil refiners. WTI crude oil prices averaged USD 109.8 per barrel in May, which was 7.6% higher than April's price and was up 68.3% from the same month last year. Meanwhile, on 31 May, the fuel traded at USD 114.4 per barrel, which was up 9.4% from the same day of the previous month. Export demand prospects for U.S. oil were boosted by the looming threat of an EU ban on Russian oil, which was agreed to on 31 May. Under the ban, 90% of Russian oil imports will be embargoed, with exceptions made for pipeline imports to the Czech Republic, Hungary and Slovakia. Moreover, in the U.S. and Europe, the summer driving and travel season is approaching. In conjunction with weak refinery capacity, this has pushed up oil derivatives prices and further boosted U.S. oil demand prospects. On the supply side, the oil rig count fell for the first time in 31 weeks in the final week of May. Meanwhile, U.S. inventories are about 14% below the five-year seasonal average. Conversely, prices were dampened by the IEA’s record oil reserve release and the drag on demand from rising global inflation and interest rates, plus Covid-19 lockdowns in China.

WTI Crude Oil Price History Data (USD per barrel, aop)

2015  2016  2017  2018  2019  
WTI Crude Oil 48.68  43.28  50.84  64.94  56.97  

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities.

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WTI Crude Oil Historical Price Chart


WTI Crude Oil historical price chart
Note: West Texas Intermediate (WTI) Crude Oil, prices in USD per barrel (bbl). Daily prices.

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Price forecasts and historical data for Energy, Metals and Agricultural Commodities

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