U.S. WTI Crude Oil Prices

Our base-case scenario of improving economic growth into 2020 implies reasonable demand growth for oil. We also see supply being constrained by OPEC and partners, along with a cresting in U.S. shale output keeping Brent crude prices in the USD $60 to USD $70/barrel range and WTI to range between USD $55 and USD $65/barrel.

Line chart depicting the price of a barrel of WTI oil in US dollars. The price has ranged from over USD $100 per barrel in 2014 to a low of USD $26 per barrel in 2016. The price in 2019 has traded in a tight range between USD $55 and USD $65 per barrel. The current price is at the low end of that range near USD $55 per barrel. GLC forecasts an average WTI crude oil price of USD $60 per barrel for 2020.

GLC 2020 Capital Market Outlook:

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This commentary represents GLC’s views at the date of publication, which are subject to change without notice. Furthermore, there can be no assurance that any trends described in this material will continue or that forecasts will occur; economic and market conditions change frequently. This commentary is intended as a general source of information and is not intended to be a solicitation to buy or sell specific investments, nor tax or legal advice. Before making any investment decision, prospective investors should carefully review the relevant offering documents and seek input from their advisor.