Crude Oil

WTI crude futures consolidated around $75.5 per barrel on Thursday as investors took a breather to gauge the global demand outlook after five straight sessions of gains. World's largest oil importer China is reopening its economy, boosting optimism that demand for fuel will grow this year amid a U-turn in its COVID policy. Concerns about the impact of sanctions on Russian supply also lent optimism to bulls, as European Union curbs aimed at Russian fuel product sales are due to take effect in February. Keeping a lid on prices were persistent fears of a recession-driven demand downturn in the US and Europe triggered by an aggressive tightening campaign from major central banks.

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 January of 2023.

Crude oil is expected to trade at 76.71 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 86.27 in 12 months time.