WTI crude oil prices averaged USD 70.55 per barrel in September, down 8.1% from August. On 30 September, the commodity traded at USD 68.75 per barrel, down 10.6% from 30 August.
In September, WTI fell to its second-lowest level since August 2021—before Russia’s invasion of Ukraine—on a weak Chinese economy and media reports suggesting OPEC+ was likely to hike output next year. However, in the week to 20 September, U.S. inventories retreated to their lowest level in nearly two-and-a-half years. Moreover, recent data showed U.S. crude output fell in July. Finally, the U.S. oil rig count was broadly stable at an historic low in September.
WTI Crude Oil (prices in US$/bbl, aop)
Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
---|---|---|---|---|---|---|---|---|
WTI Crude Oil | 76.04 | 73.53 | 82.11 | 78.45 | 77.48 | 81.77 | 76.60 | - |