WTI Crude Oil Price OutlookWest Texas Intermediate (WTI) crude oil prices continued to climb in recent weeks propelled by fears of global supply tightening and strong demand. WTI crude oil prices traded at USD 74.3 per barrel on 5 October, which was up 8.1% from the same day last month. Moreover, the price was 22.8% higher on a year-to-date basis and it was up 46.2% from the same day last year. Concerns that U.S. sanctions against Iran’s oil sector due on 4 November will reduce global supply is pushing up oil prices, while strong growth in the United States is increasing demand for the black gold. Despite the sharp rally in WTI crude oil prices, the spread between the U.S. reference price and Brent crude oil prices has widened sizably in recent weeks; if the differential was close to zero by the end of Q2, the spread is currently at around USD 10 per barrel. Rising U.S. crude production and pipeline capacity constraints, particularly in the Permian Basin, drove the large trade discount. Crude oil inventories, thanks to surging oil output in the United States, rose by 8.0 million in the week ending 28 September, well above market expectations of 2.8 million. Moreover, crude oil outflows to Asia slowed in the same week due to an uncertain global economic outlook, pushing up inventories.
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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