Oil Market Forecast: Prices Expected to Rise Mid-2025

Wells Fargo has revised its short-term outlook for the global oil market, citing an expected surplus of about 1 million barrels per day through early 2025. However, the latter half of the year may see a shift as U.S. shale growth slows and OPEC+ tightens supply. Brent is forecasted to average $80 per barrel, while WTI is expected at $75. The transition could offer long-term opportunities for investors in energy commodities.