WTI crude oil continued to extend gains past the $100/b mark on Wednesday. Economists at TD Securities stick to their forecast of $108 by the third quarter of the year.

More upside in the cards

“Given the tight fundamentals, along with growing geopolitical risk premium as Russian forces initiate new aggressive action in the east of Ukraine while NATO gets more committed to suppling lethal equipment, we continue to like our WTI forecast of $108/b in Q3-2022.”

“As the conflict in Ukraine rages, we judge risks to be to the upside as orderly oil flows to Europe may be interrupted by the dogs of war and additional sanctions.”