WTI crude oil futures extended losses toward $74 per barrel after six consecutive days of losses, but were still down more than 3% for the week, the most since November, mainly due to President Trump’s call for lower crude prices. Speaking at the Davos forum on Thursday, Trump announced plans to urge Saudi Arabia and OPEC to reduce oil prices, and made moves to boost US production. At the same time, Trump threatened tariffs on China, Canada, and Mexico, raising concerns about global economic growth and oil demand. On the supply side, EIA data showed US crude inventories fell by 1 million barrels last week, marking a ninth consecutive decline and falling below the five-year seasonal average. Meanwhile, distillate fuel stocks saw a sharp drop, while gasoline inventories continued to rise.
Crude Oil increased 2.90 USD/BBL or 4.05% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. 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 25 of 2025.
Crude Oil increased 2.90 USD/BBL or 4.05% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil is expected to trade at 73.36 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 78.52 in 12 months time.