WTI crude oil prices have been rising swimmingly since a bottom was found at the peak of the 2020 global pandemic. Heading into the end of the second quarter, the commodity’s momentum slowed notably. Following the brief spike when Russia attacked Ukraine earlier this year, oil was around levels from early March.
June was on course for the worst monthly performance for WTI since November.
Have oil prices found a turning point? It is starting to seem so at the preliminary level. There is a reason the commodity is weakening: largely mistakes central banks have made in the fight against inflation.
