According to the latest Reuters poll, analysts expect United States (US) crude oil to average $64.83 per barrel in 2025, marginally higher than the $64.39 forecast in September. Similarly, Brent crude is projected to average $67.99 per barrel next year, compared with the previous estimate of $67.61.
The modest upward revision reflects expectations of a balanced oil market in 2025, as steady global demand growth offsets potential supply increases from non-OPEC producers.
Market Reaction
The poll results had little immediate impact on prices. West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) were largely unchanged, trading in a tight range around $60.20 per barrel during late European hours on Friday.
WTI Oil Overview
West Texas Intermediate (WTI) — one of the world’s key crude benchmarks alongside Brent and Dubai Crude — is a light, sweet crude known for its low sulfur content and ease of refining. Produced primarily in the United States and distributed via the Cushing, Oklahoma hub, WTI serves as a key reference point for North American oil prices.
WTI prices are influenced by factors including global supply and demand dynamics, OPEC policy decisions, geopolitical tensions, inventory data from the American Petroleum Institute (API) and US Energy Information Administration (EIA), and movements in the US Dollar.