Crude oil prices gained slightly on Wednesday, as lingering fears of gasoline shortages due to an outage at the largest U.S. fuel pipeline system after a cyber attack brought futures back from an early drop of more than 1% in the previous session. On top of that, the latest API data showed crude inventories in the United States fell by 2.5 million barrels last week. On the supply side, OPEC+ started this month a gradual easing of its oil production curbs, pumping an extra 350,000 barrels a day, saying that demand will grow by 5.95 million barrels per day in 2021, helped by the swift rollout of coronavirus vaccinations worldwide. Still, the organization revised down its estimates for global oil demand for the second quarter by 300,000 bpd amid a worsening coronavirus situation in India. On Tuesday, Brent crude futures rose 23 cents, or 0.3%, to settle at $68.55 a barrel while WTI crude futures rose 36 cents, or 0.6%, to end the session at $65.28.
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 May of 2021.
Crude oil is expected to trade at 61.26 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 52.69 in 12 months time.