EIA Slashes Price Forecasts for WTI and Brent Oil: What Will it Mean for You?
The Energy Information Administration (EIA) recently released its monthly Short-Term Energy Outlook report, which included reduced forecasts for U.S. and global benchmark crude oil prices in 2023 and 2024. This downward revision comes as concerns about weakening global economic conditions, risks in the global banking sector, and persistent inflation continue to weigh on oil prices. […]
“WTI Bears Dominate Market: Watch Out for Potential $68.00 Breakthrough!”
The WTI Crude Oil Index was heavily down on Wednesday as it posted a drop, ahead of the Federal Reserve’s interest rate decision. Crude oil prices hit a 5-week low, continuing the downward trend seen in the past few weeks, instilling uncertainty in the oil market. This article looks at the reasons behind the decline […]
WTI Nears 6-Week Low, Dances with Sub-$70 Zone: Oil Market Feels the Heat
West Texas Intermediate (WTI) crude oil prices have plunged to their lowest levels since March, slipping below the critical psychological barrier of $70 per barrel amid a broader sell-off in global markets. The ongoing fall in oil prices has raised concerns among analysts and investors that the potential supply-demand imbalance could further aggravate existing vulnerabilities […]