Global oil markets were basking in the glow of improving demand sentiment and OPEC-led supply cuts, with WTI crude breaking above the $71 per barrel level for the first time since October 2018. OPEC said in its June report that oil demand would rise by 5.95 million bpd this year, unchanged from its May forecast. On top of that, the oil cartel has recently agreed to keep to its plan to gradually ease supply curbs through July, signalling the ongoing strengthening of market fundamentals. Meanwhile, investors have shrugged off a surge in US gasoline stocks last week which pointed to weaker-than-expected fuel demand at the start of summer and a plunge in India fuel demand to its lowest since August 2020, amid stalling mobility due to a harsh resurgence of COVID-19 cases. As a result, the US benchmark rose almost 2% this week, notching its third consecutive week of gains.

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 June of 2021.

Crude oil is expected to trade at 67.31 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 57.89 in 12 months time.

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Crude oil


Crude oil
The West Texas Intermediate (WTI) benchmark for US crude is the world's most actively traded commodity. Crude Oil prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
Energy Price Day Weekly Monthly YTD Date
Crude Oil
USD/Bbl
70.7700 0.14 -0.20% 2.22% 8.26% 45.86% Jun/13
Brent
USD/Bbl
72.6900 0.17 0.23% 1.11% 4.86% 40.33% Jun/11
Natural gas
USD/MMBtu
3.2820 0.13 4.26% 5.97% 10.54% 29.26% Jun/11
Gasoline
USD/Gal
2.1814 0.03 -1.22% -1.36% 0.94% 54.70% Jun/11
Heating oil
USD/Gal
2.1207 0.02 -1.06% 0.04% 2.47% 42.90% Jun/11
Ethanol
USD/Gal
2.4600 0.00 0.00% 0.00% 5.13% 71.67% Jun/11
Naphtha
USD/T
619.45 0.03 0.00% -0.19% 3.42% 43.16% Jun/11
Propane
USD/Gal
0.94 0.00 -0.20% 2.64% 16.37% 45.82% Jun/11
Uranium
USD/Lbs
32.7000 0.35 1.08% 2.99% 5.65% 6.51% Jun/11

Metals Price Day Weekly Monthly YTD Date
Gold
USD/t.oz
1,877.00 21.14 -1.11% -0.69% 3.39% -1.03% Jun/11
Silver
USD/t.oz
27.892 0.07 -0.26% 0.40% 3.19% 5.82% Jun/11
Platinum
USD/t.oz
1,146.04 4.92 -0.43% -1.37% -5.25% 7.51% Jun/11

Agricultural Price Day Weekly Monthly YTD Date
Soybeans
USd/Bu
1,510.2500 33.75 -2.19% -4.64% -9.05% 15.57% Jun/13
Wheat
USd/Bu
680.2500 2.75 -0.40% -1.09% -9.87% 6.21% Jun/11
Lumber
USD/1000 board feet
1,059.20 63.00 -5.61% -17.52% -34.21% 21.31% Jun/11
Cheese
USD/Lbs
1.6430 0.01 0.55% -0.48% -9.33% -0.18% Jun/10
Palm Oil
MYR/T
3,663.00 181.00 -4.71% -11.29% -18.71% 1.75% Jun/11
Milk
USD/CWT
17.25 0.05 0.29% -0.35% -9.54% 9.18% Jun/11
Wool
AUD/100Kg
1,393.00 0.00 0.00% 3.72% 6.74% 18.96% Jun/11
Rice
USD/cwt
12.8500 0.08 -0.62% -3.46% -6.38% 4.98% Jun/11
Tea
USD/Kgs
3.19 0.61 23.64% 23.64% 5.63% 11.15% Jun/11
Rubber
JPY/Kg
245.50 1.40 -0.57% -1.80% -5.36% -8.67% Jun/11
Sugar
USd/Lbs
17.61 0.05 -0.28% -0.56% -1.29% 13.69% Jun/11
Cocoa
USD/T
2,350.00 33.00 -1.38% -2.45% -5.09% -9.72% Jun/11
Coffee
USd/Lbs
157.90 0.80 -0.50% -2.32% 6.94% 23.12% Jun/11
Orange Juice
USd/Lbs
120.50 7.10 -5.56% -1.35% 5.61% -2.23% Jun/11
Cotton
USd/Lbs
87.00 0.36 -0.41% 1.40% -1.39% 11.37% Jun/11
Canola
CAD/T
865.00 6.80 -0.78% -4.36% -9.37% 37.41% Jun/11
Oat
USd/Bu
381.2500 7.00 -1.80% -3.42% 0.13% 5.68% Jun/11
Corn
USd/BU
685.0000 14.00 -2.00% 0.33% -9.57% 41.53% Jun/13

Livestock Price Day Weekly Monthly YTD Date
Beef
BRL/Kg
20.65 0.00 0.00% 2.38% 1.82% 13.84% Jun/11
Poultry
BRL/Kgs
7.25 0.00 0.00% 2.55% 0.42% 20.63% Jun/11
Feeder Cattle
USd/Lbs
151.2250 2.83 1.90% 0.87% 10.59% 8.83% Jun/11
Live Cattle
USd/Lbs
118.8000 1.23 1.04% 1.69% 0.17% 3.28% Jun/11
Lean Hogs
USd/Lbs
122.6500 0.25 0.20% 2.64% 9.48% 74.53% Jun/11

Industrial Price Day Weekly Monthly YTD Date
Copper
USD/Lbs
4.5415 0.05 1.05% 0.09% -4.44% 29.06% Jun/11
Coal
USD/T
119.50 0.50 0.42% 11.16% 20.10% 47.13% Jun/11
Steel
CNY/T
4,900.00 2.00 0.04% 1.03% -17.99% 16.11% Jun/11
Iron Ore
USD/T
214.00 0.00 0.00% 2.88% -6.75% 35.02% Jun/11
Lithium
CNY/T
89,000.00 0.00 0.00% 0.00% 0.00% 91.40% Jun/11
Bitumen
CNY/T
3,116.00 76.00 2.50% -2.20% 0.32% 30.81% Jun/11
Cobalt
USD/T
42,535.00 0.00 0.00% 0.00% -4.70% 32.14% Jun/11
Lead
USD/T
2,201.00 35.50 1.64% 3.37% 1.65% 11.40% Jun/11
Aluminum
USD/T
2,463.25 23.50 -0.95% 0.59% 0.15% 24.36% Jun/11
Tin
USD/T
31,552.50 285.00 0.91% 2.74% 6.34% 55.32% Jun/11
Zinc
USD/T
3,051.25 49.50 1.65% 1.51% 2.68% 10.91% Jun/11
Nickel
USD/T
18,204.50 53.20 -0.29% 1.17% 2.47% 9.97% Jun/11
Molybdenum
USD/Kg
34.75 0.00 0.00% 0.00% 19.83% 47.87% Jun/11
Palladium
USD/t.oz
2,775.99 0.32 -0.01% -2.43% -2.82% 13.41% Jun/11
Manganese
CNY/T
32.25 0.00 0.00% 0.00% 0.78% 3.20% Jun/11
Rhodium
USD/t oz.
22,300.00 950.00 4.45% -4.29% -20.36% 31.18% Jun/11
Soda Ash
CNY/T
1,846.00 20.00 1.10% 1.10% 4.89% 37.76% Jun/11
Neodymium
CNY/T
602,500.00 0.00 0.00% 0.00% -8.02% -3.21% Jun/11
Iron Ore 62% fe
USD/T
213.13 1.22 0.58% 3.32% -2.40% 36.76% Jun/11

Index Price Day Weekly Monthly YTD Date
CRB Index
Index Points
225.56 0.06 0.03% 0.93% 2.06% 26.51% Jun/11
LME Index
Index Points
4,270.70 0.00 0.00% 0.33% -2.25% 25.08% Jun/11
S&P GSCI
Index Points
2,578.60 2.08 0.08% 0.71% 2.03% 30.43% Jun/11