WTI Crude Oil Prices

WTI averaged USD 81.4 per barrel in August, up 7.4% from July’s price but 13.1% lower year on year. Meanwhile, on 31 August, WTI traded at USD 83.6 per barrel, 2.1% higher month on month.

The month-on-month percentage rise in the spot price of WTI in August was the second highest since Russia invaded Ukraine, only slightly lower than July’s reading. The rise came after global crude demand outstripped global crude supply for the first time in roughly a year in July. Balances in recent weeks have been strained by lower OPEC output, with Russia and Saudi Arabia persisting with production cuts in August. That said, investor sentiment was likely dampened by weak economic data for China and the Euro area in the month.