Oil prices increased on Wednesday, with WTI crude around $72 a barrel after API data showed US crude and product inventories fell more sharply than expected last week. Meantime, Reuters reported that fuel demand expectations in the US were undented by soaring cases of the highly infectious Delta variant, where the seven-day average for new cases has risen to 57,126. The sentiment was also lifted by news that the IMF expects the global economy to expand 6% this year, a dramatic bounce-back from the 3.2% contraction in the pandemic year of 2020, amid a swift vaccination drive and massive spending plans in advanced countries, particularly in the US. Earlier in the month, OPEC+ decided to increase crude production by 400,000 barrels per day monthly starting August 2021 until phasing out the 5.8 million bpd production adjustment.

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 2021.

Crude oil is expected to trade at 76.42 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 90.73 in 12 months time.

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Crude oil


Crude oil
The West Texas Intermediate (WTI) benchmark for US crude is the world's most actively traded commodity. Crude Oil prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
Energy Price Day Weekly Monthly YTD Date
Crude Oil
USD/Bbl
72.4300 0.79 1.10% 3.03% -0.75% 49.28% Jul/28
Brent
USD/Bbl
75.0900 0.61 0.82% 3.96% 1.09% 44.96% Jul/28
Natural gas
USD/MMBtu
3.8890 0.08 -2.06% -1.77% 7.14% 53.17% Jul/28
Gasoline
USD/Gal
2.3300 0.02 0.69% 5.11% 3.95% 65.24% Jul/28
Heating oil
USD/Gal
2.1585 0.01 0.68% 3.43% 1.60% 45.45% Jul/28
Ethanol
USD/Gal
2.3200 0.00 0.00% 0.00% -6.45% 61.90% Jul/27
Naphtha
USD/T
672.28 0.33 -0.05% 2.47% 6.21% 55.37% Jul/27
Propane
USD/Gal
1.09 0.00 -0.11% 1.23% 12.71% 68.94% Jul/27
Uranium
USD/Lbs
32.4000 0.05 -0.15% 0.15% 0.47% 5.54% Jul/27
Methanol
CNY
2,603.00 10.00 -0.38% -2.11% 2.48% 7.74% Jul/28

Metals Price Day Weekly Monthly YTD Date
Gold
USD/t.oz
1,801.14 2.41 0.13% -0.12% 2.27% -5.03% Jul/28
Silver
USD/t.oz
24.821 0.15 0.59% -1.61% -3.59% -5.83% Jul/28
Platinum
USD/t.oz
1,057.50 6.84 0.65% -2.08% -0.89% -0.79% Jul/28

Agricultural Price Day Weekly Monthly YTD Date
Soybeans
USd/Bu
1,415.2500 3.00 -0.21% -1.67% 4.08% 8.30% Jul/28
Wheat
USd/Bu
686.5000 12.00 1.78% -3.41% 7.31% 7.18% Jul/28
Lumber
USD/1000 board feet
582.00 42.00 -6.73% 7.38% -27.25% -33.34% Jul/27
Palm Oil
MYR/T
4,337.00 85.00 -1.92% 4.53% 22.07% 20.47% Jul/28
Cheese
USD/Lbs
1.6030 0.00 0.00% -0.74% -2.55% -2.61% Jul/27
Milk
USD/CWT
16.53 0.01 -0.06% -0.78% -3.90% 4.62% Jul/28
Rubber
JPY/Kg
208.50 2.50 -1.18% -0.81% -11.73% -22.43% Jul/28
Orange Juice
USd/Lbs
142.50 5.60 4.09% 7.26% 22.16% 15.62% Jul/27
Coffee
USd/Lbs
203.65 1.90 0.94% 15.71% 27.52% 58.79% Jul/28
Cotton
USd/Lbs
91.14 0.40 0.44% 2.50% 5.38% 16.67% Jul/28
Cocoa
USD/T
2,395.00 2.00 0.08% 5.74% 1.44% -7.99% Jul/28
Rice
USD/cwt
13.4850 0.01 0.04% 1.31% 1.77% 10.17% Jul/28
Canola
CAD/T
886.30 8.10 -0.91% 0.73% 9.49% 40.79% Jul/28
Oat
USd/Bu
465.0000 0.75 -0.16% 2.25% 23.26% 28.90% Jul/28
Wool
AUD/100Kg
1,428.00 0.00 0.00% 0.00% -2.72% 21.95% Jul/27
Sugar
USd/Lbs
18.25 0.10 -0.54% 3.28% 5.92% 17.82% Jul/28
Tea
USD/Kgs
3.34 0.00 0.00% 0.00% 25.56% 16.38% Jul/27
Corn
USd/BU
547.7500 1.00 -0.18% -4.20% -21.13% 13.17% Jul/28

Livestock Price Day Weekly Monthly YTD Date
Beef
BRL/Kg
20.15 0.20 -0.98% -0.84% -1.23% 11.08% Jul/27
Feeder Cattle
USd/Lbs
160.6750 1.53 -0.94% 3.31% 2.77% 15.64% Jul/27
Live Cattle
USd/Lbs
122.7500 0.70 -0.57% 2.48% 0.95% 6.72% Jul/27
Lean Hogs
USd/Lbs
107.4750 0.08 0.07% 2.36% 2.41% 52.93% Jul/27
Poultry
BRL/Kgs
7.69 0.01 0.13% 0.13% 3.64% 27.95% Jul/27

Industrial Price Day Weekly Monthly YTD Date
Copper
USD/Lbs
4.5480 0.00 0.04% 6.20% 6.35% 29.24% Jul/28
Coal
USD/T
148.10 0.72 0.49% -0.56% 19.34% 82.34% Jul/27
Steel
CNY/T
5,608.00 25.00 -0.44% 1.76% 14.12% 32.89% Jul/28
Iron Ore
USD/T
202.50 2.00 -0.98% -8.37% -8.16% 27.76% Jul/27
Lithium
CNY/T
89,000.00 0.00 0.00% 0.00% 0.00% 91.40% Jul/28
Bitumen
CNY/T
3,202.00 64.00 2.04% 2.37% -6.76% 34.42% Jul/28
Cobalt
USD/T
52,500.00 0.00 0.00% 0.00% 15.25% 63.09% Jul/27
Lead
USD/T
2,365.25 46.00 -1.91% 1.03% 5.12% 19.71% Jul/27
Aluminum
USD/T
2,486.25 0.25 -0.01% 1.62% -1.80% 25.52% Jul/28
Tin
USD/T
34,515.00 237.50 0.69% 3.01% 10.61% 69.90% Jul/28
Zinc
USD/T
2,970.25 0.50 0.02% 0.26% 1.77% 7.97% Jul/28
Nickel
USD/T
19,345.50 361.50 -1.83% 3.63% 5.83% 16.87% Jul/27
Molybdenum
USD/Kg
42.75 0.00 0.00% 0.00% -15.35% 81.91% Jul/27
Palladium
USD/t.oz
2,616.77 9.07 0.35% -1.41% -2.27% 6.91% Jul/28
Rhodium
USD/t oz.
18,400.00 0.00 0.00% -1.60% -4.42% 8.24% Jul/27
Gallium
CNY/Kg
2,025.00 0.00 0.00% -2.41% -4.71% 16.38% Jul/27
Germanium
CNY/Kg
7,800.00 0.00 0.00% 1.30% 1.96% 9.86% Jul/27
Manganese
CNY/T
32.75 0.00 0.00% 0.00% 1.55% 4.80% Jul/27
Indium
CNY/Kg
1,115.00 0.00 0.00% 0.00% -0.89% -6.30% Jul/27
Soda Ash
CNY/T
2,075.00 0.00 0.00% 6.96% 12.41% 54.85% Jul/28
Neodymium
CNY/T
752,500.00 32,500.00 4.51% 3.79% 29.18% 20.88% Jul/27
Tellurium
CNY/Kg
562.50 2.50 -0.44% -1.32% -3.43% 20.97% Jul/27
Iron Ore 62% fe
USD/T
214.99 0.17 -0.08% -1.99% -0.13% 37.96% Jul/27

Index Price Day Weekly Monthly YTD Date
CRB Index
Index Points
231.81 1.49 -0.64% 4.37% 3.40% 30.01% Jul/27
LME Index
Index Points
4,278.90 36.50 -0.85% 3.27% 3.52% 25.32% Jul/27
S&P GSCI
Index Points
2,598.66 11.73 -0.45% 3.96% 1.38% 31.45% Jul/27
Nuclear Energy Index
USD
1,333.85 2.75 0.21% 1.17% -0.23% 6.16% Jul/28
Solar Energy Index
USD
406.66 2.78 0.69% -4.92% -8.36% -12.87% Jul/28
EU Carbon Permits
EUR
53.57 0.66 1.25% 2.74% -3.72% 63.72% Jul/28
Wind Energy Index
USD
345.63 0.00 0.00% 1.76% -3.16% -9.08% Jul/28