WTI crude futures dropped to an eight-month low around $82 per barrel on Thursday after tumbling almost 6% in the previous session, as a weakening demand outlook driven by aggressive monetary tightening and persistent economic concerns in top importer China continued to grip energy markets. Major central banks are set to raise interest rates further to combat inflation, with the European Central Bank expected to deliver a more aggressive hike when it meets later in the global day, while the Federal Reserve repeatedly signaled its intention to keep borrowing costs higher for longer. In China, disappointing trade data and renewed Covid lockdowns in major cities threatened further economic damages, adding to demand concerns. Meanwhile, supply-side risks remain as President Vladimir Putin said Russia would not supply energy to countries that supported a planned US-led price cap on Russian oil. The EIA also raised its global oil demand outlook, while slashing forecasts for US supply.
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 September of 2022.
Crude oil is expected to trade at 90.69 USD/BBL by the end of this quarter, according to 王者荣耀电竞(江西)积分排榜 global macro models and analysts expectations. Looking forward, we estimate it to trade at 101.78 in 12 months time.