Economic woes prompt decline in US EIA’s price outlook for oil, petroleum products

Market sentiment over the weakening global economy, inflation and continued banking sector turmoil outweighed concerns about OPEC+’s supply cuts, dragging the outlook for oil, gasoline and diesel prices lower, the US Energy Information Administration said May 9. The EIA reduced its 2023 forecast for Brent crude by $6.36 to $78.65/b, well below the average $85/b price tag seen in April,…