WTI crude futures extended gains for the fifth straight session to above $87.5 per barrel on Thursday, hovering at seven-year highs, supported by ongoing supply concerns and prospects of strong demand. The International Energy Agency (IEA) on Wednesday said that OPEC+ produced about 800,000 barrels per day (bpd) below its production targets in December, and that the oil market could be in a significant surplus in the first quarter of this year. In addition, heightened geopolitical tensions following an attack by Yemen's Houthis on the United Arab Emirates have also provided some support. On the data front, both the API and EIA reports showed US crude stocks unexpectedly rose last week.
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 January of 2022.
Crude oil is expected to trade at 81.82 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 74.90 in 12 months time.