WTI crude oil prices climbed 1.1% to $48.9 per USD and hit a 9-month high on Friday, as stimulus and vaccine hopes lifted sentiment. On Friday, Pfizer applied for approval in Japan for its vaccine, which is being used in the UK and the US. Meanwhile, Vice President Mike Pence said the US approval for Moderna’s shot could come later on Friday. Oil gained support this week from weekly supply data in the US showing crude inventories fell by 3.1 million barrels, beating expectations.
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 December of 2020.
Crude oil is expected to trade at 46.67 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 40.13 in 12 months time.