WTI Crude Oil Price OutlookWest Texas Intermediate (WTI) crude oil prices plummeted in recent weeks on growing fears of a prolonged downturn in Chinese demand amid the coronavirus outbreak. Moreover, booming U.S. oil output added further pressure on prices. WTI crude oil prices traded at USD 52.0 per barrel on 14 February, which was 10.8% lower than on the same day last month. The price was 4.4% lower than on the same day last year and was down 14.9% on a year-to-date basis. The coronavirus outbreak sent oil prices tumbling in the last few weeks, largely due to severe disruptions in the manufacturing, transportation and construction sectors in disease-stricken China, which is the largest global oil importer. Alongside slumping Chinese oil demand, worries of a coronavirus fallout to other countries hurt the global growth outlook, in turn further dampening the global oil demand outlook. Nevertheless, OPEC+ has restrained from a knee-jerk production cut so far, against the recommendation of its own technical committee and despite an oil demand forecast downgrade by the International Energy Agency. This, together with rising U.S. oil production—domestic crude oil supplies increased for the third consecutive week at the at the beginning of February—further weighed on prices. Meanwhile, upside pressures stemming from elevated tensions in the Middle East have been overshadowed by the virus outbreak.
WTI Crude Oil Price History Data (USD per barrel, aop)
|WTI Crude Oil||48.68||43.28||50.84||64.94||56.97|
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WTI Crude Oil Historical Price Chart
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