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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 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 Aug 2020 42.34 ±0.00
1 Sep 2020 39.7 ±2.7
2 Oct 2020 42.0 ±3.6
3 Nov 2020 40.9 ±4.1
4 Dec 2020 41.6 ±4.5
5 Jan 2021 41.7 ±4.8
6 Feb 2021 41.9 ±5.0
7 Mar 2021 43.3 ±5.2
8 Apr 2021 43.1 ±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
September 29, 2020
Indicator Value
S&P 500 3335.47
U.S. GDP Growth, YoY % -9.14
U.S. Inflation Rate, % 1.31
Gold Price, $/oz-t 1897.30
Crude Oil Futures, $/bbl 39.11
U.S. 10 Year Treasury, % 0.66