Oil market to remain on shaky ground for the rest of the year – BMO
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
West Texas Intermediate (WTI) crude is hovering around $65-70/bbl, compared to $80 at the beginning of the month. Economists at the Bank of Montreal note that prospects for a recovery in prices remain murky.
“While it’s probably not time to push the panic button yet, the oil market is likely going to remain on shaky ground for the rest of the year. This explains why we had already revised our 2023 projection for WTI down to $85/bbl (from $90) just prior to the banking fallout.”
“Events over the last week underscore that risks are still tilted to the downside.”
[/s2If]
Join Our Telegram Group
