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Commodity Trends

Monthly Update: The Oil Market Strikes a Delicate Balance between Economic Uncertainty and Production Cuts

July 26, 2023
Marc-Antoine Dumont
Senior Economist
  • We’re still expecting West Texas Intermediate (WTI) to end the year at around US$74, but many risks remain, especially as a recession is expected.recession is expected.
  • Despite the recent rise in natural gas prices, growth potential is more limited on this side as an uptick in production— especially in the US—has stabilized global supply.
  • We don’t expect industrial metal prices to rebound significantly until after the recession.
  • Although the price of gold is off its recent peak of US$2,026 per ounce, it’s still historically high.