WTI crude futures fell toward $77.5 per barrel on Friday, sliding for the third straight session as demand-side uncertainties continued to weigh on oil markets. Revised data on Thursday showed that the US economy grew at a lackluster 1.3% annual pace in the first quarter, lower than advance estimates of 1.6%. A Federal Reserve official also said she is still worried about upside risks to inflation and called for caution in adjusting policy in a latest blow to US interest rate cut hopes. Meanwhile, EIA data showed that US crude inventories fell by 4.2 million barrels last week, compared with expectations for a 1.9 million barrel draw. However, US gasoline stockpiles rose 2 million barrels last week despite forecasts for a 400,000-barrel draw, indicating weak demand ahead of the long Memorial Day weekend. Investors now look ahead to the OPEC+ meeting on Sunday where it is expected to extend supply cuts into 2025.
Crude Oil increased 5.53 USD/BBL or 7.72% 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 2 of 2024.
Crude Oil increased 5.53 USD/BBL or 7.72% 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.