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Crude Oil - data, forecasts, historical chart - was last updated on July 5 of 2024. Crude Oil increased 12.50 USD/BBL or 17.44% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity.
Follow live oil prices with the interactive chart and read the latest crude oil news, analysis and crude oil forecasts for expert trading insights.
- Us Crude Inventories Hold Below pre-pandemic Levels
- Weekly U.S Ending Stocks Excluding Spr of Crude Oil
- OPEC Retains Upbeat Forecast For 2022
- Us Crude Oil Output Remains Stagnant
The recent rally in the price of oilappears to have stalled ahead of the record high ($147.27) as the rapid rise dampens the outlook for consumption. However, recent data prints coming out of the US suggest demand will remain robust in 2022 amid a downward trend in crude inventories.
Source: US Energy Information Administration US stockpiles remain well below the levels seen at the onset of the pandemic, sitting at their lowest levels since 2018. Easing COVID-19 restrictions may continue to fuel crude consumption. The Organization of Petroleum Exporting Countries (OPEC) retains an upbeat outlook for 2022.
OPEC’s Monthly Oil Market Report (MOMR) for March revealed that “world oil demand recorded robust growthof 6.5 mb/d y-o-y in December 2021.”The update went on to say that “for the time being, world oil demand growth in 2022 remains unchanged at 4.2 mb/d, given the high uncertainty and extreme fluidity of developments in recent weeks.” Nevertheless,...
This upbeat outlook suggests OPEC will maintain a gradual approach to restoring production to pre-pandemic levels. Meanwhile, current market conditions may keep the price of oil afloat over the coming months as US output remains stagnant.
Aug 11, 2022 · World oil demand is now forecast at 99.7 mb/d in 2022 and 101.8 mb/d in 2023. World oil supply hit a post-pandemic high of 100.5 mb/d in July as maintenance wound down in the North Sea, Canada and Kazakhstan. OPEC+ ramped up total oil production by 530 kb/d in line with higher targets and non-OPEC+ rose by 870 kb/d.
Brent crude oil - data, forecasts, historical chart - was last updated on July 6 of 2024. Brent increased 9.93 USD/BBL or 12.89% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity.
May 12, 2022 · Highlights. World oil demand growth is forecast to slow to 1.9 mb/d in 2Q22 from 4.4 mb/d in 1Q22 and is now projected to ease to 490 kb/d on average in the second half of the year on a more tempered economic expansion and higher prices.
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Dec 14, 2022 · Highlights. World oil demand is set to contract by 110 kb/d y-o-y in 4Q22, reaching 100.8 mb/d, up by 130 kb/d compared with last month’s Report. Strong gasoil use in key consuming countries outweighs weak European and Asian petrochemical deliveries.
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