Oil prices recovered some ground on Monday, fueled by hopes that oil demand is recovering despite surging coronavirus cases worldwide. Saudi Aramco’s Chief Executive Amin Nasser said on Sunday that he sees oil demand recovering in Asia as coronavirus-induced restrictions on travel and business are being gradually lifted. On the supply side, Iraq’s commitments for an additional cut in its oil production of about 400,000 barrels per day in August to compensate for its overproduction in June and May brought some relief to markets.
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 August of 2020.
Crude oil is expected to trade at 39.20 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 33.71 in 12 months time.