WTI crude pared early losses to trade around $41.2 a barrel on Friday, as investors try to shrug off Libyan commander Khalifa Haftar comments that a blockade on Libyan oil exports would be lifted for one month. For the week, WTI crude is on track of a 10% weekly gain, its largest since June, on the back of Goldman Sachs estimates that the market is in deficit and concerns of further supply disruptions as a new storm building in the US Gulf of Mexico. Earlier this week, Hurricane Sally forced US producers to shut about 25% of US offshore oil and gas production. In a report Goldman Sachs predicted the market would be in a deficit of 3 million barrels per day by the fourth quarter. Meantime, Saudi Arabia pledged full compliance with the cuts, putting pressure on the alliance's quota violators, to extend the compensation period from September until the end of December.

Historically, Crude oil reached an all time high of 147.27 in July of 2008. Crude oil - data, forecasts, historical chart - was last updated on September of 2020.