WTI Crude Oil Prices Rise After Entering Downtrend Since January

Prices Increased 4.87 USDBBL or 6.80% Since the Beginning of 2024

Current Price of WTI Crude Oil As of August 8, 2024 is 76.06 Per Barrel

WTI crude oil prices are pulling back from their downtrend as they test the support level of $50 per barrel. Currently trading at $76.06 per barrel as of August 8, 2024, WTI crude oil has increased 4.87 USDBBL or 6.80% since the beginning of the year.

The recent increase in prices is due to several factors. First, there has been a decrease in concerns about a global recession and a slowdown in demand for oil. This is due in part to the U.S. economy adding more jobs than expected in July.

Second, there has been a decrease in production from OPEC and other major oil producers. This is due to the ongoing conflict in Ukraine and the sanctions that have been imposed on Russia as well as decreased production quotas from Saudi.

The tight supply and demand balance is expected to continue to support prices in the coming months.