The fall in crude stocks last week was overshadowed by rising US output, lower refinery runs and ballooning gasoline inventories. Indeed, US oil production is now within touching distance of 10m bpd. This is a key reason why we expect WTI prices to fall back to $55 per barrel by end-2018.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services