Strategist Sees WTI Falling to $40 a Barrel

• WTI crude oil is forecast to drop to $40/barrel in H2 2026 due to superabundance trends and increasing global production.
• OPEC's influence is diminishing as more countries, including the UAE and potentially Iraq, increase drilling.
• Lower gasoline prices are expected by the midterm elections, but this decline often correlates with weakness in the stock market.
• Gold and silver prices are also expected to see corrections after being overbought, with gold potentially entering a multi-year range.

Bloomberg Intelligence Senior Commodity Strategist Mike McGlone predicts WTI crude oil could fall to $40 a barrel in the second half of the year due to superabundance in the Western Hemisphere and increasing global production. He notes that high prices accelerate this trend, making OPEC redundant. While lower gas prices are expected, he warns this often coincides with stock market weakness.