WTI crude futures gained for the 2nd day to $53.3 a barrel on Wednesday as investors hope US large stimulus package from president-elect Joe Biden would boost fuel demand. Also, Treasury Secretary nominee Janet Yellen said at her confirmation hearing Tuesday that more fiscal aid is needed to help the US economy. Limiting the rise were concerns about rising COVID-19, particularly in Asia. Beijing stepped up measures after reporting the biggest daily jump in new cases in over three weeks. Also, the IEA cut its oil demand forecast for 2021 to 96.6 million barrels, down 0.3 million barrels from the prior estimate. Traders now await US crude stockpiles data from API later in the day.
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 January of 2021.
Crude oil is expected to trade at 50.78 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 43.68 in 12 months time.