Oil is heading for a 20% monthly gain in February, the fourth consecutive month of gains and the most since November. Both WTI and Brent recovered to pre-pandemic levels earlier this month, bolstered by tightening global supplies and prospects of an economic recovery driven by a COVID-19 vaccination campaign globally and fiscal stimulus. Further supporting prices was a fall of almost 6 million barrels of combined production in the US because of the cold blast last week that forced the shutdown of wells and processing plants. Meantime, traders started to worry about a looming increase in crude oil supplies from OPEC+ as the cartel meets on March 4th while refineries in Texas began to resume operations. In the New York morning trading, WTI was trading around $62.2 a barrel and Brent about $66.1 a barrel.
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 February of 2021.
Crude oil is expected to trade at 59.61 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 51.27 in 12 months time.