WTI crude edged up to $52.4 a barrel on Monday, extending a nearly 8% gain in January as Saudi Arabia's voluntary 1 million barrel per day production cuts came into effect on February 1st. In addition, Russia reportedly plans to cut its crude exports by almost 20% to a three-month low in February and Iraq also pledged to cut production to compensate for its overproduction last year. Limiting the rise were delays in COVID-19 vaccine rollouts and stricter lockdowns. Traders now await OPEC Joint Ministerial Monitoring Committee later in the week for fresh guidance on supply outlook.
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 February of 2021.
Crude oil is expected to trade at 49.86 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 42.88 in 12 months time.