12:50 PM EDT, 06/03/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

The latest OPEC meeting was more bearish than we projected, as we expected OPEC to roll over production cuts, but now it looks as if they are only rolling over some of them. Current cuts are about 5.85 mmb/d. Starting in October 2024, these oil producers are planning to gradually unwind about 2.5 mmb/d of those cuts through December 2025. As a result, WTI futures are taking it on the chin. Our prior forecasts for WTI were $85/b in 2024 and $90/b in 2025. Our revised view is for $80/b in both years. Separately, EPS growth in 2024 will likely decline 4.8% compared to a gain of 9.4% for the S&P 500, according to S&P Capital IQ consensus estimates. In addition, the cap-weighted sector STARS ranking is neutral, while momentum, based on a rolling 200-day return, remains negative.