West Texas Intermediate crude prices bucked a three-day downturn Wednesday, rising after a report from the U.S. Energy Information Administration showed gasoline inventories are at the lowest level since May.
But crude’s gains could be short-lived according to one veteran oil analyst, saying WTI prices are not likely to surpass US$85 per barrel again this year.
“We expect crude oil prices to remain relatively range bound over the balance of the year amid tepid demand growth,” says Randy Ollenberger, managing director of oil and gas equity research at BMO Capital Markets, in an interview with BNN Bloomberg on Wednesday.
He expects oil to trade within a range of $80 and $85 for the rest of the year.
Ollenberger attributes this stagnating price to disappointing gasoline and diesel…
