WTI Crude Oil Prices

WTI crude oil prices averaged USD 59.88 per barrel in January, up 3.2% from December. On 30 January, the commodity traded at USD 64.50 per barrel, up 12.6% from 31 December.

After reaching a fresh post-pandemic low in December, WTI prices recovered slightly in January, as the U.S. sent an armada to Iran to press for a nuclear deal, raising the risk of a conflict that would disrupt oil supply. That said, U.S.-specific data released over the past month was more bearish, keeping prices low: U.S. oil inventories beat expectations yet again in January, rising by 5.0 million barrels more than expected in the four weeks to 30 January.