Oil prices edged higher on Friday, on optimism that the recent US-China trade pact will revive growth and boost demand in the world’s two biggest crude consumers. Also, the latest EIA report showed the US crude inventories decreased by 2.549 million barrels in the latest week. Keeping a lid on prices, data showed China's economic growth slowed to its weakest in nearly 30 years in 2019. WTI crude added nearly 0.5% to $58.57 a barrel while Brent rose as much as 0.6% to $65.13 a barrel around 10:30 AM London time. Historically, Crude oil reached an all time high of 147.27 in July of 2008.
Crude oil is expected to trade at 64.91 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 69.88 in 12 months time.