Oil prices rose more than $4 on Friday. TD Securities economists analyze the oil price outlook.
WTI will trade above the $90 level in the last quarter of the year
The combination of the deficits expected for the rest of the year, the strength of demand, the growing supply risks associated with the tightening of sanctions against Russia and the risk premium driven by the current conflict between Israel and Hamas, leads us to affirm that WTI crude oil will trade above the $90 level in the last quarter of the year, and that Brent will approach the three-digit mark.
But at this time, we do not see a material rise above $100, as we expect OPEC+ to continue supplying crude oil at planned levels and we consider that the presence of the US carrier strike group and military aircraft near Israel is likely will maintain the flow of crude oil without significant interruptions.
Source: Fx Street
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