BofA said, however, Brent oil price could rebound above $70/bbl by the summer of 2026 due to a combination of easier global monetary policy, a weaker dollar, more disciplined OPEC+ production and lower U.S. oil volumes.

The Energy Information Administration predicts a significant drop in global oil prices, with Brent crude falling from $71 to around $50 per barrel by early 2026, driven by

The EIA's recent short-term outlook for oil prices forecast a slide in oil prices potentially leading to lower rig counts and more job losses.

Bank of America said Thursday it expects Brent crude prices will drop below $60/bbl in this year's H2, as rising production by OPEC+ will increase the crude oil market surplus. BofA forecasts an average oil market surplus of 890K bbl/day in the 12 months ending in June 2026,

In case natural gas manages to settle above the $2.80 level, it will head towards the resistance at $3.00 – $3.05. WTI oil remains under pressure as traders react to the EIA report, which indicated that crude inventories increased by 3 million barrels from the previous week.

Crude oil price began the week on a low; erasing most of the gains recorded in the previous week. What next for oil prices?

Kuwait expects oil prices to stay below $72 per barrel, monitoring global market dynamics and statements from the U.S. President and his administration.

Crude oil appears rangebound with limited reason for gains until clearer macroeconomic and demand signals emerge, said Phillip Nova.