Monthly Update: The Oil Market Strikes a Delicate Balance between Economic Uncertainty and Production Cuts
July 26, 2023
- We’re still expecting West Texas Intermediate (WTI) to end the year at around US$74, but many risks remain, especially as a recession is expected.recession is expected.
- Despite the recent rise in natural gas prices, growth potential is more limited on this side as an uptick in production— especially in the US—has stabilized global supply.
- We don’t expect industrial metal prices to rebound significantly until after the recession.
- Although the price of gold is off its recent peak of US$2,026 per ounce, it’s still historically high.
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