WTI Crude Oil Price Outlook

West Texas Intermediate (WTI) continued trending upwards over the past month, supported by constrained production and gradually improving demand conditions as the lifting of lockdowns globally propped up a rebound in consumption. WTI crude oil prices traded at USD 40.6 per barrel on 10 July, which was 2.6% higher than on the same day last month. However, the price was 32.7% lower than on the same day last year and was down 33.7% on a year-to-date basis. WTI prices climbed to an over four-month high at the outset of Q3, against the backdrop of a somewhat healthier global demand backdrop. The easing of lockdown measures globally, a stronger Chinese economy and recovering private-sector activity in Europe and the U.S. somewhat reinvigorated oil consumption in recent weeks, in turn supporting crude prices. That said, rising crude inventories in the U.S. in the second week of July restrained the oil price upturn, largely offsetting upward pressures stemming from OPEC+ production cuts which are due to expire at the end of the month. Rapidly rising coronavirus infections globally and in the U.S. further weighed on prices in recent days.

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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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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