WTI (West Texas Intermediate) Crude oil prices are currently maintained in the bar of $78-$83 on 20 June marking a fall in crude prices in the morning. However, the weekly analysis shows a growth of 3.3% in the week. Thus, the crude prices are on gain week-wise. However, it fell today. The prices have been going low since June and started to recover. However, several circumstances still going on that have a high probability of affecting crude oil prices in future. What are those circumstances and what will happen next?

WTI Crude Oil Price

Will WTI (West Texas Intermediate) Crude Oil Prices Cross $85?

WTI (West Texas Intermediate) Crude oil prices are expected to remain between the range of $78-$83. This WTI oil is among the high-quality crude oil that easily refines. The crude oil prices in June 2024 fell in the beginning. However, it increased this week seeking recovery. If we look at the day-wise data, it fell gradually today. WTI Crude oil prices are hitting recovery successfully from the four-month low of $72.45 in June’s week 1.

While the market is in recovery, other factors also have an impact on the crude oil prices. If we have a look at one of the developed countries, China, it is witnessing a fall in property investment. The statistics mention that the country’s investment in property is now low by 10.1% YoY. Thus, there is a steep drop in the sales of properties in the country. Apart from that, the country also had a fall in its imports. The drop is by 8.7% YoY. China did an import of 11.11 Million b/d in May.

Other than China, the United States has a low gasoline demand. It is the peak time for the sale of gasoline in the United States because of the summer driving season. However, the demand is not as high as it should be. Apart from that, the US is also expecting a tropical storm on its Texas coast. Thus, it can affect 12-15 % of the US crude oil production done at the coastal areas.

The prices marinating a high can again have a downfall. How is it possible? Well, the politics of Europe is having a tremendous shift including the Middle East. The Iran and Israel war is making things tough. Russia and Ukraine are also not having a complete solution to end the conflict. WTI Crude Oil’s price prediction for the future is still uncertain. There can’t be much said about it yet keeping in mind the current scenarios.

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