WTI Crude Oil Price OutlookWest Texas Intermediate (WTI) crude oil prices nosedived last week after Saudi Arabia and Russia waged a price war, at a point when the fallout from the coronavirus had already significantly dampened global oil prices. WTI crude oil prices traded at USD 31.7 per barrel on 13 March, which was 38.3% lower than on the same day last month. The price was 45.6% lower than on the same day last year and was down 48.1% on a year-to-date basis. Over the past month, global oil markets suffered a dramatic negative demand shock and positive supply shock, causing prices to plummet. The emergency OPEC+ meeting failed to produce an agreement on deeper oil output cuts in the face of slumping demand related to the coronavirus fallout, instead culminating in a standoff between Saudi Arabia and Russia. With Russia refusing to cut production and instead gearing up to win back market share from U.S. shale producers, Saudi Arabia retaliated by committing to boost output and offer deep discounts on oil prices. This, coupled with rising fears of a global recession due to a coronavirus-related economic downturn, sent WTI crude prices diving to an over four-year low of around USD 31.0 per barrel on 9 March. Meanwhile, U.S. oil production continued to increase in recent weeks and is projected to peak in April, which further weighed on prices.
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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