Banks expect WTI oil to fall below $60 in 2025 — Haynes Boone survey

The price of benchmark oil grade WTI is projected to average $58.30 per barrel in 2025, driven by weakening global demand and rising production from OPEC+ and the United States. This forecast comes from law firm Haynes Boone’s spring survey, which included a record total of 28 participating banks. For comparison, in fall 2024, WTI crude was expected to average $61.89 per barrel.

Haynes Boone noted that the downward revision also reflects WTI’s $10 per barrel decline in April. However, financial institutions primarily cited fundamental factors, rather than short-term price swings, in their responses. Despite the pessimistic outlook, banks anticipate a market rebalancing due to underlying supply and demand dynamics.

Separately, Bloomberg analysts report that US shale executives are closely monitoring crude prices as they near levels that could render drilling unprofitable. US oil prices have fallen roughly 11% this year, pressured by sluggish demand linked to President Donald Trump’s trade policies and increased supply from OPEC and its allies.