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WTI Crude Oil Price Outlook

Global oil prices trended upwards in recent weeks, on the back of a somewhat brighter global demand backdrop and supply disruptions in the U.S. caused by Hurricane Ida. WTI crude oil traded at USD 69.8 per barrel on 10 September, which was 2.2% higher than on the same day last month. Moreover, the price was 87.4% higher than on the same day last year and was up 44.4% on a year-to-date basis. Oil prices jumped recent weeks, following a marked sell-off in mid-August caused by concerns over the Delta variant. The successful containment of the Covid-19 outbreak in China kicked off the recovery rally, with seemingly healthier global travel demand adding further momentum. Meanwhile, in late August and early September, Hurricane Ida caused a partial shutdown of most of the U.S.’ offshore oil production and took some mainland refining capacity offline, helping to maintain the upward trend in prices. The decision made by OPEC+ to maintain its current output cut easing schedule, despite pressure from the U.S. to boost supply, also supported crude prices. That said, Saudi Aramco’s move to lower its official oil selling price in early September, coupled with China’s decision to tap into its state oil reserves to tame the commodity price rally, has weighed on crude 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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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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