Global crude rebounded slightly in Asian trading on Monday, as investors remained confident that easing coronavirus-induced restrictions on travel and business would boost demand for fuel. However, the resurgence of the coronavirus globally and in the United States, the world’s largest oil consumer, threatens to derail this recovery. The WHO warned that the number of new Covid-19 cases worldwide has reached a record high, with the biggest spike seen in the Americas.
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 July of 2020.
Crude oil is expected to trade at 38.34 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 32.98 in 12 months time.