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TD Securities Not Forecasting Triple Digits for WTI This Year

OIL

Oil price could go above $90/bbl this year for WTI but won’t go to triple digits according to Bart Melek of TD Securities in a CNBC interview.

  • He said slowdown in China’s economy and incremental supply increase by non-OPEC+ members in the second half of this year will put a cap on how high oil prices could go. He also cited high inflationary pressure and aggressive central policies as another key factor weighing on oil despite production cuts.
  • “ We are seeing pretty significant deficits being created by OPEC discipline” he said.
  • “As we move forward, we are going to see other places outside of OPEC and Russia increase production – we are not ready to say we will see triple digit oil” Melek said.
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