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.