WTI Crude Oil Price Outlook
West Texas Intermediate (WTI) crude oil prices gained ground in recent weeks as concerns over tight supply outweighed fears of weak global demand. WTI crude oil prices traded at USD 56.0 per barrel on 1 November, which was 4.6% higher than on the same day last month. While the price was 12.0% lower than on the same day last year, it was up 24.1% on a year-to-date basis. WTI oil prices benefited from news that OPEC+ could extend or even deepen oil production cuts amid a gloomy global economic panorama and a possible “phase one” trade agreement between China and the United States. Moreover, an unexpectedly large inventory draw for the week ending 18 October further bolstered WTI oil prices. Overall, however, prices remain subdued due to weak global growth prospects and, at the end of October, weak manufacturing activity data in China and a large build-up in U.S. inventories exerted further downward pressure on oil prices.WTI Crude Oil Price History Data (USD per barrel, aop)
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WTI Crude Oil Historical Price Chart
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