WTI crude futures held above $81 per barrel on Thursday after rising for five straight sessions, underpinned by a large decline in US crude inventories and expectations that OPEC+ leaders will keep global supply tight. EIA data showed that US crude stockpiles tumbled by 10.6 million barrels last week, far exceeding forecasts for a 3.3 million barrel draw. There are also speculations that Saudi Arabia and Russia would extend output and export cuts into October, although no official decision has been made. Meanwhile, latest data showed that Chinese manufacturing activity contracted less than expected in August, while services activity remained expansionary. In the US, updated GDP figures showed the country's economy grew less than previously thought in the second quarter and job creation slowed more than expected in August, supporting the case for the Federal Reserve to end its tightening campaign.
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 August of 2023.
Crude oil is expected to trade at 82.56 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 90.04 in 12 months time.