Investment banks and the U.S. Energy Information Administration forecast a significant oil market oversupply in 2026, driven by weak demand and rising production, predicting average crude prices will drop below $60 per barrel.

WTI stabilizes near $57.70 after sharp selloff but remains below key resistance levels. Geopolitical tensions support prices even as oversupply and demand fears persist.

Oil and gas prices are set to drop by 2026, with Brent crude falling to $55 per barrel and retail gas reaching $3 per gallon, according to new EIA projections.

Chevron cut the price of Venezuelan crude after U.S. forces seized a tanker carrying sanctioned oil, adding pressure to an already weak Gulf Coast market.

Oil prices are having a down year. Brent, the global benchmark price, has fallen 15% to around $63 a barrel. That slump has weighed on the cash flows and stock prices of most oil companies.

The Trump White House confirms efforts to restore the nation's emergency oil reserve following its depletion during the previous Biden administration.

A decrease in oil supply drives up oil prices, which can raise unemployment and inflation. To counter adverse effects on inflation, a central bank may choose to increase its policy rate, potentially reducing economic activity further.

Meanwhile, Ukraine continues to strike Russia’s oil refineries and export ports, while Moscow keeps up its bombardment of Ukraine’s gas and power infrastructure. The attacks show no sign of easing while a breakthrough in the US-led peace plan remains elusive.

Oil prices moved slightly lower on Monday, building on the steep declines seen last week as worries about excess global supply and a soft demand outlook continued to weigh on the market. By 06:05 ET (11:05 GMT),