Reported 3 days ago
The latest energy market assessment highlights a significant discrepancy between supply and demand expectations, with supply forecasts remaining high while demand remains low. The recent price drop for WTI crude oil, falling below $60, is attributed to OPEC+'s decision to increase production and prevailing economic uncertainty, including inflation and recession fears. Although U.S. crude oil inventory has declined to multi-year lows, the bearish sentiment surrounding oil prices suggests potential for further price drops unless refinery output ramps up to meet summer fuel needs.
Source: YAHOO