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.

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

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.

Despite positive reports from OPEC and the IEA, as well as supportive US inventory draws and new geopolitical risks in the Caspian Sea, oil prices surprisingly fell nearly 2% as market sentiment took precedence over fundamental data.

As President Donald Trump's drug campaign targets Venezuela, potential land strikes raise concerns about oil market disruption and higher energy prices for Americans.

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.

Crude oil shows early Tuesday resilience but remains capped by technical barriers near $60 in WTI and $64 in Brent. Oversupply keeps the market pressured, making fading rallies the preferred approach unless a dovish FOMC briefly lifts prices.

Wall Street's biggest banks see oil prices falling into the $50s or lower per barrel in 2026 and beyond, teeing up a tough year for the oil and gas industry.

The International Energy Agency trimmed its forecast of next year's global oil supply glut for the first time since May on Thursday, flagging higher demand prospects due to a stronger world economy and lower supply from nations under sanctions.

NEW YORK - APRIL 15: Traders call out during activity in the crude oil options area on the floor of the New York Mercantile Exchange April 15, 2008 in New York City. Oil prices set a new record high today, rising to nearly $114 a barrel. (Photo by Chris ...