Forecast of Crude Oil Price (WTI)
Below is a forecast of light, sweet crude oil prices that is based on prior values of both WTI and Brent crude oil prices, global oil production and consumption, crude oil inventories, currency exchange rates, and other commodity prices. To learn more about how this forecast is produced, please see our methodology page.
Crude Oil Price Forecast and Trend Chart
Chart of Light Sweet Crude Oil Prices. US Dollars per BBL. Includes Predicted Values.
Crude Oil Price Forecast Values by Month
Light Sweet Crude Oil Prices. USD/bbl. Average of Month.
| Month | Date | Forecast Value | Avg Error |
|---|---|---|---|
| 0 | Sep 2020 | 39.63 | ±0.00 |
| 1 | Oct 2020 | 40.3 | ±2.7 |
| 2 | Nov 2020 | 40.7 | ±3.6 |
| 3 | Dec 2020 | 41.6 | ±4.1 |
| 4 | Jan 2021 | 42.3 | ±4.5 |
| 5 | Feb 2021 | 36.0 | ±4.8 |
| 6 | Mar 2021 | 33.6 | ±5.0 |
| 7 | Apr 2021 | 39.0 | ±5.2 |
| 8 | May 2021 | 41.4 | ±5.4 |
Get the rest of the story with the long range forecast!
What Causes and Influences the Price Of Crude Oil?
One of the primary causes of the price of crude oil is global economic activity, especially Asian economic activity. Two markers of economic activity tied to the price of oil are the Hang Seng (HSI) and FTSE 100 (FTSE) stock market indexes. As the HSI and FTSE go up, the price of crude oil will go up.
Other influences on the price of crude oil are certain currency exchange rates. The EMU Euro (EUR), Canadian dollar (CAD) and Singapore dollar (SGD) versus the US dollar are good indicators of where the price of crude oil is going. As the EUR, CAD and SGD strengthen versus the USD, the price of crude oil will go up.
Other Crude Oil Price Resources
FFC's Long Range Crude Oil Price Forecast
A long range prediction for WTI crude oil prices and similar economic series is available by subscription. Click here for more information about FFC's Extended Forecasts.
| October 08, 2020 | |
| Indicator | Value |
|---|---|
| S&P 500 | 3446.83 |
| U.S. GDP Growth, YoY % | -9.03 |
| U.S. Inflation Rate, % | 1.31 |
| Gold Price, $/oz-t | 1893.10 |
| Crude Oil Futures, $/bbl | 41.28 |
| U.S. 10 Year Treasury, % | 0.78 |