WTI crude futures declined by around 2% to $75.5 per barrel this week, the third consecutive week of losses, driven by increasing expectations that borrowing costs could remain elevated for an extended period, negatively impacting the demand outlook. A robust US jobs report, with the economy adding more than expected 272 thousand jobs in May, supported a hawkish stance from the Federal Reserve. Concerns over a potential supply surplus were also heightened earlier in the week following the latest OPEC+ decision. While OPEC+ agreed to extend most supply cuts into 2025, they also announced plans to gradually phase out some voluntary output cuts from eight member countries starting in October.
Crude Oil increased 3.73 USD/BBL or 5.21% 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 8 of 2024.
Crude Oil increased 3.73 USD/BBL or 5.21% 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.