Fitch Cuts Long-Term WTI Oil Price Outlook To $50

Fitch Ratings has lowered its long-term price assumption for West Texas Intermediate to $50 from $52 a barrel expected earlier, to reflect fragile market balances, inventory overhangs, lower breakevens, and the energy transition going forward. According to the rating agency’s latest oil and gas price assumptions update on Tuesday, Brent Crude prices are expected at $53 a barrel in the long term in the base-case scenario, compared to a previous forecast of $55 per barrel. Fitch also reduced its oil price outlook for 2022, expecting Brent Crude…