WTI crude futures rose 2.24% to settle at $83.17 per barrel on Thursday, advancing for the third consecutive month amid ongoing efforts by the OPEC+ alliance to curb supply, as well as persistent geopolitical risks in Eastern Europe and the Middle East. In early March, OPEC+ agreed to extend voluntary production cuts through the end of the second quarter, and is expected to maintain current output policies when it meets next week. Oil prices were also boosted recently by Ukrainian drone attacks on Russian refineries which affected more than 10% of the country’s oil processing capacity. In the Middle East, the UN Security Council passed a resolution calling for an immediate ceasefire in Gaza, but analysts were doubtful that it would end Houthi attacks on Red Sea shipping that have disrupted supply routes.
Crude Oil increased 11.47 USD/BBL or 16.01% 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 March 29 of 2024.
Crude Oil increased 11.47 USD/BBL or 16.01% 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 82.62 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 82.82 in 12 months time.