Oil price forecast today notes a mild contango structure

Oil price forecast today notes a mild contango structure narrowing in the Brent curve, suggesting tighter prompt supply dynamics in the spot market. Investors should also take note of any recent adjustments to analyst estimates for Marathon Petroleum. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential. Additionally, signs of cooling economic growth in China and renewed trade war anxiety between the US and China further pressured market sentiment. As concerns over a trade war and energy tariffs subsided, prices were able to rally through the rest of May and June to hold in the US$78.42 and US$77.19 range for Brent and WTI, respectively. Oil price forecast today highlights that geopolitical premium remains embedded in futures curves, effectively setting a near-term floor above $83 for Brent.