WTI crude futures steadied near $83 per barrel on Thursday after facing downward pressure in the previous session, as investors weighed the potential impact of delayed US rate cuts on the demand outlook. Traders were wary about the prospect that the Fed will keep rates higher for longer amid a series of strong inflation and employment figures. Markets now look ahead to US GDP data on Thursday and the Fed-preferred PCE price index report on Friday to guide the outlook further. However, official data showed that US crude inventories fell by 6.37 million barrels last week, defying expectations for a 1.6 million barrel build. Meanwhile, supply-side concerns eased as tensions in the Middle East continued to deescalate, with Iran and Israel signaling no further military actions against each other. Oil tankers that were previously held idle due to disruptions in the Red Sea also progressed in their deliveries, easing tightness in foreign markets and allowing economies to build inventories.
Crude Oil increased 11.34 USD/BBL or 15.83% 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 April 25 of 2024.
Crude Oil increased 11.34 USD/BBL or 15.83% 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 86.36 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 91.86 in 12 months time.