-
Crude oil weekly forecast: WTI range under threat as bullish momentum builds
Jockeying between OPEC member states and Russia before a crucial meeting on June 1 where they will vote on whether to extend temporary production cuts looms as key driver for crude oil prices this week. Until markets have greater clarity on the outcome, WTI may struggle to break of out of the sideways range it’s been trading in since the start of May, unless we see an unexpected demand or supply shock. Ahead of the meeting, OPEC remains upbeat on the outlook for crude demand, predicting it will lift by 2.25 million barrels per day (bpd) in 2024 with another 1.85 million bpd increase expected in 2025, in line with ... (full story)