Closing prices for crude oil, gold and other commodities (2024)

FAQs

What is the forecast for oil prices? ›

Crude Oil is expected to trade at 77.76 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 79.52 in 12 months time.

As oil prices rise, the increased revenue is utilized in current needs and much of this surplus is invested in gold and other hard assets. With the ever rising oil prices, there is an increase in the inflation level. This has augmented the purchase of gold as it acts as an inflation hedge.

JPMorgan forecasts crude will average $83 a barrel in 2024

After falling in 2023, J.P. Morgan Research forecasts Brent oil prices to remain largely flat in 2024 and edge down a further 10% in 2025: “Our Brent Oil forecast has not changed since June and is expected to average $83 per barrel (bbl) in 2024”.

Global oil prices.

We expect voluntary OPEC+ crude oil production cuts and ongoing geopolitical risks will keep the Brent crude oil spot price near $90 per barrel (b) for the remainder of 2024 before falling to an average of $85/b in 2025 as global oil production growth picks up.

The average price of heating oil in the United States in the winter of 2022/23 is expected to reach 4.45 U.S. dollars per gallon.

meaning when oil prices goes up, so does the currency. Understanding why the dollar has historically traded inversely to the price of oil and why the correlation has weakened recently can help traders make more informed trading decisions as the global economy continues to evolve.

In such a scenario, an oil price increase leads to a rise in demand for (and hence the price of) gold. Third, inflation seems to be the most common channel for explaining the relationship between oil and gold markets.

In 2019, oil averaged $50.01 a barrel and gold averaged $1,514.75, meaning an ounce of gold would buy just over 30 barrels of oil. In 2020, the ratio spiked to an astronomical 54.87 barrels per ounce of gold or more than 3x the long-term average.

How much is 1 barrel of oil worth? ›

Today's WTI crude oil spot price of $74.73 per barrel is down 4% compared to one week ago at $78.16 per barrel. WTI crude oil also opened 2021 with an uptrend at $48.27 per barrel.

A standard barrel of oil contains 42 gallons. This is the U.S. measurement that has been used since the 1800s, as it was the volume of a standard wooden barrel used for hauling many types of liquid.

“This means oil prices should stay anchored near-term, likely allowing for some monetary policy easing in 2H24 and 2025. Thus, we reiterate our forecast that Brent will average $80 per barrel or so this year and next, down from $82 per barrel in 2023 and $99 per barrel in 2022,” they went on to state.

We expect the Brent crude oil price will average $82 per barrel (b) in 2024 and $79/b in 2025, close to the 2023 average of $82/b. Our forecast for relatively little price change is based on expectations that global supply and demand of petroleum liquids will be relatively balanced.

It's estimated that known oil-deposits will run out by 2052. Realistically, we may never run out of oil because, given the depth of the Earth's core, there will be new wells to discover. That said, it's highly likely that the practice of mining such depths will become economically unviable.

Global oil demand is set to rise by 1.1 mb/d in 2024, 140 kb/d less than projected in last month's Report as weak deliveries, notably in Europe, shifted first-quarter OECD demand into contraction. The outlook for 2025 is comparatively unchanged, with the pace of growth now marginally surpassing 2024 at 1.2 mb/d.

Businesses and investors employ various ways to make predictions of oil prices. Futures pricing, supply and demand models, and non-linear methods may be used to forecast pricing. The World Bank reports monthly and quarterly on all changes within commodity markets, including the oil market.

Global oil demand growth returns to historical trend

Global oil demand growth is currently in the midst of a slowdown and is expected to ease to 1.2 million barrels a day (mb/d) this year and 1.1 mb/d in 2025 – bringing a peak in consumption into view this decade.