WTI crude futures bounced back sharply from intraday lows, climbing more than 3% to $109.2 per barrel on Friday and recouping losses of the previous session, as investors continued to assess how tight global supplies remain amid a deteriorating demand outlook. OPEC+ agreed earlier this week to stick to its output strategy, increasing production by 648,000 barrels per day in July and August, despite signs that the physical crude market remains very tight. Supply outages in Libya and expected shutdowns in Norway also add to the bullish outlook. On the flip side, fears of a demand-sapping recession continued to hang over the market. On a weekly basis, the US benchmark added roughly 1.5% this week, on track to post its first weekly gain in three.
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 July of 2022.
Crude oil is expected to trade at 115.82 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 124.65 in 12 months time.