West Texas Intermediate crude has plunged from just over $120/bbl in mid-June to around $90 presently. Economists at the Bank of Montreal now forecast that WTI at $100 by the end of the year.

Clear as mud

“Forecasting the price of crude oil has never been trickier as the trajectory of both global oil supply and demand remains far from certain.”

“We have trimmed our full-year 2022 forecast for WTI to $100/bbl (previously $105) but have maintained our 2023 projection of $95.”