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Forecast of Crude Oil Price (WTI)

Below is a forecast of crude oil prices that is based on prior values of both WTI and Brent crude oil prices, global oil production and consumption, currency exchange rates, other commodity prices and economic indicators. 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 Trend Chart with Forecast

Crude Oil Price Forecast Values by Month

Light Sweet Crude Oil Prices. USD/bbl. Average of Month.

Month Date Forecast Value Avg Error
0 May 2020 28.57 ±0.00
1 Jun 2020 34.5 ±2.7
2 Jul 2020 29.1 ±3.6
3 Aug 2020 30.6 ±4.1
4 Sep 2020 33.4 ±4.5
5 Oct 2020 31.7 ±4.8
6 Nov 2020 30.1 ±5.0
7 Dec 2020 30.0 ±5.2
8 Jan 2021 35.0 ±5.4

Download Historical Data

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.

Current Economic Indicators
June 04, 2020
Indicator Value
S&P 500 3112.35
U.S. GDP Growth, YoY % 0.25
U.S. Inflation Rate, % 0.33
Gold Price, $/oz-t 1712.90
Crude Oil Futures, $/bbl 37.37
U.S. 10 Year Treasury, % 0.82