WTI crude futures erased early gains to fall towards $66 a barrel on Friday, after rising as much as 2% to above $68 tracking a sentiment of risk-off that took hold in markets. Early, a more bullish oil market was sustained by OPEC+ remarks, saying that are ready to quickly adjust output plans if demand suffered from measures to contain the Omicron variant. In the previous session, OPEC+ surprised markets when it stuck to plans to add 400,000 bpd supply in January, seen by analysts as a move meant to appease Washington. US deputy energy secretary David Turk previously said President Biden’s administration could adjust the timing of its planned release of strategic crude oil stockpiles if global energy prices drop substantially. Meanwhile, the producers have since calmed markets, saying they would meet again before their next scheduled meeting on Jan. 4, if needed, to review supply additions in light of virus-related developments. WTI crude is on track for its sixth weekly decline.
Historically, Crude oil reached an all time high of 147.27 in July of 2008. Crude oil - data, forecasts, historical chart - was last updated on December of 2021.
Crude oil is expected to trade at 66.24 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 60.80 in 12 months time.