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WTI Crude Oil Price Outlook

WTI prices softened in recent weeks due to increased supply prospects and softening demand. WTI crude oil prices averaged USD 102.0 per barrel in April, which was 6.0% lower than March's price but was up 65.3% from the same month last year. Meanwhile, on 29 April, the fuel traded at USD 104.6 per barrel, which was up 4.0% from the same day of the previous month. Average WTI prices fell over the last month, with market volatility also easing. On the supply side, the IEA announced a further oil reserve release on 1 April, with the total release being the largest in history. Meanwhile, U.S. drilling activity began to pick up momentum, increasing 15.0% month on month. On the demand side, a Covid-19 outbreak in China, a stronger U.S. dollar, a more hawkish Fed and a deterioration of the global economic growth outlook dulled demand prospects. This said, prices remained at a near-decade high. U.S. inventories fell further below their five-year average according to the EIA’s latest 4 May report. The demand outlook was supported by the reopening of several major economies from Covid-19 restrictions, while the global supply outlook remained constrained by the looming threat of an EU ban on Russian oil, and Saudi Arabia and the UAE’s refusals to ramp up production more rapidly.

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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