2024-05-02 06:15:00 ET
Summary
- WTI oil prices for May are expected to range from $75 to $95 per barrel, with a narrower range of $77.50 to $87.50 per barrel.
- Geopolitical and economic forces may dampen a rapid escalation of oil prices, with China potentially entering the picture to restrain prices.
- The war in Israel and other global events have not materially changed the outlook for oil prices, which are still settling from OPEC+ cuts.
My expectation for West Texas Intermediate ((WTI)) oil prices for May is unchanged from April. That is, WTI should range from $75 to $95 per barrel. A narrower range is from $77.50 to $87.50 per barrel....
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Oil Update - April 2024