WTI crude futures steadied above $78 per barrel on Monday as the prospect of extended output cuts from OPEC+ provided some support to oil prices. The group of major oil producers said last week that they could extend voluntary output cuts of 2.2 million barrels per day beyond June if demand fails to rebound, although they have yet to start formal discussions on the matter. On the demand side, weaker-than-expected US jobs data revived hopes for Federal Reserve interest rate cuts this year, boosting the demand outlook. Meanwhile, WTI prices tumbled nearly 7% last week as easing risks of supply disruptions in the Middle East and surging US crude inventories weighed on the market. Israel and Hamas continued to hold ceasefire talks in Cairo, with US Secretary of State Antony Blinken saying “taking the ceasefire should be a no-brainer” for Hamas.
Crude Oil increased 6.73 USD/BBL or 9.40% 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 May 6 of 2024.
Crude Oil increased 6.73 USD/BBL or 9.40% 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 81.78 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 85.86 in 12 months time.