WTI crude prices rose more than 3% to settle above $34 a barrel on Wednesday, on optimism about supply cuts and rising global demand. Russia reported that its oil output dropped to its target of 8.5 million barrels per day for May and June, in compliance with its OPEC+ deal. Also, the International Energy Agency executive director said oil consumption hasn’t yet peaked, and demand will likely grow to past pre-pandemic levels. Brent added 1.8% to settle at $36.17 a barrel.
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 May of 2020.
Crude oil is expected to trade at 32.70 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 28.13 in 12 months time.