WTI crude futures climbed 1.6% to $71.2 per barrel on Friday, closing the week with an over 5% increase, driven by the intensifying conflict in Ukraine, which added a geopolitical risk premium to oil prices. Moscow ramped up its offensive after the US and UK allowed Ukraine to target deeper Russian territory with their missiles. In response, the US imposed additional sanctions on Russia's Gazprombank and banned imports from over 30 Chinese companies accused of using forced labor linked to the Uyghur minority. China unveiled new policy measures aimed at boosting trade, including support for energy product imports, amid concerns over Trump’s potential tariffs. On the economic front, the US S&P PMI for November rose to 55.3, marking the fastest growth in the private sector since April 2022, strengthening the outlook for demand from the world’s largest fuel consumer. However, softer flash PMI data from the Eurozone signaled deteriorating business conditions in the region.
Crude Oil decreased 0.40 USD/BBL or 0.56% since the beginning of 2024, 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 November 23 of 2024.
Crude Oil decreased 0.40 USD/BBL or 0.56% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil is expected to trade at 71.56 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 74.80 in 12 months time.