A snippet from BMO on the revision higher for oil price projections,:
- expect the drumbeat of $90 or $100 predictions to pick up in the coming weeks
- Reaching these levels, at least temporarily, is not a tall order given Crude Oil is the most intensely speculated commodity, which helps explain its high degree of price volatility
but, analysts at the bank remain unconvinced:
- The price of crude oil has some solid wind in its sails, but it still has many challenges ahead.
- As a result, we remain comfortable with our current WTI projections of $78 for the whole of 2023 (or $81 in H2) and $80 in 2024 but acknowledge that the balance of risks has tilted more to the upside
WTI update: