My August West Texas Intermediate oil price forecast ranges between $52.50 and $62.50 per barrel. The range is $2.50 lower than it was last month.
While my prior forecast was okay, WTI prices spent most of the time hugging the bottom end of the range. With this month's forecast, I am anticipating that price weakness will continue, so I am allowing $2.50 more downside protection.
The pessimism surrounding oil seems extreme and is based on some identifiable factors. Many are fearful of a global recession damping oil demand even further. The US-Iran situation might be