Banks Cut 2025 Oil Price Forecast Below $60, Survey Shows

Banks are cutting estimates for the average oil price this year to below $60 a barrel amid production hikes from OPEC+ and flat crude demand growth, according to a survey from the law firm Haynes Boone LLP.

West Texas Intermediate, the US benchmark, is expected to average $58.30 this year, according to a survey of 28 banks released Wednesday by the firm. The forecast is 5.8% lower than what banks said in a December survey that they were expecting for this year. WTI settled at $63.41 Tuesday.