Oil prices rose on Thursday, on course for a second consecutive day of gains as positive economic data from the US and a massive draw in crude inventories offset worries about the global economic impact of surging coronavirus infections in many countries. WTI crude rallied above $40 a barrel while Brent added nearly 2% to trade around $43 a barrel. Investors mood was lifted by a strong US payroll report, while data showed US crude stocks plunged 7.2 million barrels from a record high last week, suggesting fuel demand is improving despite the rapid spread of Covid-19.
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 July of 2020.
Crude oil is expected to trade at 38.13 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 32.79 in 12 months time.