How are forecasts for oil prices made

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Crude Oil Price Forecast


Below is a forecast of light sweet crude oil prices broken down by month. This forecast is produced based on prior values of both WTI and Brent crude oil prices, global oil production and consumption, currency exchange rates and other commodity prices. To learn more about how this forecast is produced, please see our methodology page.

Crude Oil Price (WTI) Trend Chart with Prediction

Chart of Light Sweet Crude Oil Prices.  US Dollars per BBL. Includes Predicted Values.

Crude Oil Price Predicted Values by Month

Light Sweet Crude Oil Prices. USD/bbl. Average of Month.

MonthDateForecast ValueAvg Error
0Dec 201959.82 ±0.00
1Jan 202061.3 ±2.7
2Feb 202057.6 ±3.6
3Mar 202058.9 ±4.1
4Apr 202060.9 ±4.5
5May 202061.5 ±4.8
6Jun 202061.6 ±5.0
7Jul 202062.1 ±5.2
8Aug 202062.9 ±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 EU 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.

January 29, 2020
IndicatorValue
S&P 5003273.40
U.S. GDP Growth, %2.07
U.S. Inflation Rate, %2.29
Gold Price, $/oz t1576.80
Crude Oil Futures, $/bbl53.09
U.S. 10 Year Treasury, %1.60

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