Brent Crude Oil Forecast Anz

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Brent Crude Oil Forecast Anz

Brent Crude Oil Will Cross $70 In 2026

According to ANZ, a surplus of oil will keep Brent under pressure during the first few months of 2026. So, they expect the Brent to stay under $65 amid a surplus in the market.

However, ANZ expects the Brent crude oil prices to cross the $70 barrier in late 2026. They added that an improvement in global growth will correct the surplus issue and send the oil prices higher.

Oil Supply To Outpace Demand

In the next few months, the oil market will remain disturbed as there's more supply than demand. On top of that, there are also geopolitical disruptions which will continue to influence the Brent prices.

So during the first half of 2026, the supply will continue to outpace the demand. However, an improvement in global growth will once again increase the demand for oil during the second half of 2026.

The bank also added that refinery run rates remain low and OPEC+ is also increasing its output. So, it has created the perfect equation for a build-up of inventories across the world.

With all things considered, it makes sense for Brent oil price to stay below $65 per barrel during the first half of 2026. But once the growth returns, an upside will be in the markets.

However, Brent crude oil is unlikely to drop below $60 as there are ample geopolitical risks. On top of that, lower oil prices will also slowly improve the demand side as many countries will then try to buy more oil.

In 2H2026, ANZ forecasts that the global economy will go through a revival. So, we can expect a period of strong growth, which will provide support to the oil prices.

But the rebound in Brent crude oil prices will still be modest as the market will continue to face the supply issue. Amidst all of this, we must also consider the fact that world is moving towards electrification, green energy, & similar initiatives.

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