WTI crude futures climbed over 2% to $75.6 per barrel on Thursday, continuing their upward trend for a second consecutive day after hitting a four-month low of $73 on Tuesday. The increase was fueled by the European Central Bank's first interest rate cut in five years and market speculation that the Federal Reserve will follow suit in September. The ECB reduced its key interest rates by 25 basis points, citing progress in combating inflation but warning that the battle is not yet over. Additionally, soft US jobs data on Wednesday raised hopes that the Federal Reserve might cut interest rates twice this year. The likelihood of the Fed lowering borrowing costs in September is now at 69%, a move that could stimulate economic activity and boost oil demand. Earlier in the week, oil prices had been under pressure after OPEC+ agreed to extend most of their supply cuts into 2025 but allowed for voluntary cuts from eight member countries to be gradually unwound starting in October.
Crude Oil increased 4.01 USD/BBL or 5.59% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. 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 6 of 2024.
Crude Oil increased 4.01 USD/BBL or 5.59% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil is expected to trade at 77.76 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 79.52 in 12 months time.