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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 Apr 2021 61.72 ±0.00
1 May 2021 63.2 ±2.7
2 Jun 2021 62.3 ±3.6
3 Jul 2021 62.1 ±4.1
4 Aug 2021 65.5 ±4.5
5 Sep 2021 70.9 ±4.8
6 Oct 2021 64.3 ±5.0
7 Nov 2021 55.0 ±5.2
8 Dec 2021 55.6 ±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
May 07, 2021
Indicator Value
S&P 500 4232.60
U.S. GDP Growth, YoY % 0.40
U.S. Inflation Rate, % 2.62
Gold Price, $/oz-t 1830.70
Crude Oil Futures, $/bbl 64.82
U.S. 10 Year Treasury, % 1.60