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.