QCD equation of state at finite baryon density is studied in the framework of a Cluster Expansion Model (CEM), which is based on a fugacity expansion of the net baryon density. CEM uses the leading two Fourier coefficients from lattice simulations at imaginary μB as the only model input. Excellent description of the available lattice data at both μB=0 and at imaginary μB is obtained. Questions regarding the radius of convergence of the Taylor expansion, the analytic structure of CEM, and the effective parameterization of QCD equation of state at finite μB are discussed.