Expectations for a rise in West Texas Intermediate (WTI) crude oil prices have been significantly curbed as the U.S. released strategic petroleum reserves (SPR) and the Energy Information Administration (EIA) simultaneously lowered its oil demand forecast for the year. Traders on the decentralized prediction market Polymarket predicted a 53.5% chance that WTI prices would exceed $105 per barrel in the second week of May, a 21 percentage point (p) decrease from previous expectations. Meanwhile, CLUSDT (on-chain WTI crude oil perpetual futures) is trading at $98.00 based on Astar.
