Oil pauses after hitting two-week high, IMF says global Energy prices projected to remain higher

WTI Crude oil prices are holding around two-week high of $73 per barrel after soaring more than 4% in last session. Fresh Middle-east supply worries are weighing on the counter but traders are also eying a rise in US supplies as US crude oil inventories increased by 3.0 million barrels. This pulled the counter down in intraday moves yesterday and it is currently trading down 0.20% at $73.28 per barrel. International Monetary Fund or IMF noted in its latest World Economic Outlook (WEO) update that global Energy prices are projected to remain higher than they were before the war: The average petroleum spot price index is projected at $89 per barrel, 9 percent higher than assumed under the reference forecast in the April 2026 WEO, and natural gas prices (based on Dutch Title Transfer Facility futures) at $15, 5 percent higher than the April reference forecast price. This corresponds to an increase of 32 percent in crude oil prices and 22 percent in natural gas prices in 2026, relative to 2025.

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