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WTI Crude Oil Price Outlook

West Texas Intermediate (WTI) crude prices plunged over the past month, rocked by uncertainty over elections in the U.S. and a frail global demand backdrop due to soaring Covid-19 cases. WTI crude oil prices traded at USD 37.0 per barrel on 6 November, which was 8.8% lower than on the same day last month. Moreover, the price was 34.2% lower than on the same day last year and was down 39.5% on a year-to-date basis. The second wave of the Covid-19 pandemic hit Europe and the U.S. hard in late October, prompting authorities to reintroduce lockdown measures in most countries and hammering oil prices in turn. This, coupled with bearish factors in the U.S.— rising oil output, the absence of further fiscal stimulus and election-related uncertainty—sent WTI prices diving to a five-month low on 30 October. Although prices rebounded strongly in early November, on premature signs of an election victory for President Trump, Joe Biden’s projected victory in the elections dealt another blow to prices in recent days, as markets reacted to a green new deal agenda and likely re-engagement with Iran. Shrinking U.S. crude oil inventories and news that Russia is planning to roll over current production cuts until the end of Q1 2021 supported the prices, however.

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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