...

WTI Analysis: World Bank Oil Price Forecast

Share

In today’s comprehensive WTI analysis, we will first scrutinize the current important events that could affect oil price. Following that, we will meticulously delve into the details of the USOIL forecast by world bank.

Decline in WTI Crude Prices

At the outset of the week, WTI crude futures experienced a significant drop of 4%, bringing the price close to $82 per barrel. This downturn marks a near two-week low, reflecting traders’ reactions to a complex global landscape.

Geopolitical Tensions and Economic Anticipation

The decline coincides with heightened geopolitical tensions, notably Israel’s intensification of military actions in Gaza over the recent weekend. While the risk of an expanded conflict looms, there has been a momentary de-escalation that market participants are closely monitoring.

The Wait for Economic Indicators

Simultaneously, the financial world is poised for forthcoming monetary policy announcements from major central banks, including the Federal Reserve (Fed), the Bank of Japan (BoJ), and the Bank of England (BoE). These decisions, along with impending economic data releases from China and the United States, are eagerly anticipated as they will provide further insight into the potential demand for oil.

World Bank’s Oil Price Forecast

In the midst of these developments, the World Bank has offered its projections, estimating that global oil prices will average around $90 per barrel in the fourth quarter. The forecast extends into the next year with an expected average price drop to $81 per barrel, contingent on the Middle East conflict not escalating.

wti analysis

WTI Analysis – Daily Chart by TradingView

 

  • 30 October 2023
Seraphinite AcceleratorOptimized by Seraphinite Accelerator
Turns on site high speed to be attractive for people and search engines.