WTI crude futures jumped 2.2% on Monday, settling at $77.4 per barrel, the highest in over a week. The surge, the largest one-day gain since February, was fueled by expectations of increased summer fuel demand.Traders are closely watching key events, including the Federal Reserve's interest rate decision and a crucial US inflation report. On Friday, oil prices faced pressure as strong US jobs data led traders to lower their expectations for rate cuts, which in turn dimmed the outlook for economic growth and energy demand. Market attention also focused on political developments in Europe after French President Emmanuel Macron called for a snap election following his party's loss to Marine Le Pen’s National Rally in the EU elections on Sunday. Last week, oil experienced its third consecutive weekly loss amid concerns that OPEC+ plans to start unwinding some production cuts and agreed to increase production from October through September 2025.
Crude Oil increased 6.46 USD/BBL or 9.01% 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 11 of 2024.
Crude Oil increased 6.46 USD/BBL or 9.01% 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.