ANZ sees oil steady near $60–65 through mid-2026, potential recovery to $70 by year-end
ANZ expects global crude prices to remain range-bound around USD 60–65 a barrel through the first half of 2026, saying supply surpluses are typically well anticipated and largely priced in by markets.
In its latest outlook, the bank said the oil market is entering a period of relative balance after earlier supply-driven volatility, with traders now adjusting to a softer demand profile and steady output from key producers. ANZ noted that any near-term surplus is “rarely unexpected,” which should keep prices anchored near current levels.
However, ANZ sees scope for a gradual recovery toward USD 70 a barrel by the end of 2026, either through a rebound in global demand or potential OPEC intervention to stabilise the market via coordinated production cuts.
The bank’s view suggests a more subdued price path than many earlier forecasts but highlights that the downside appears limited as producers show willingness to manage output to prevent deeper price declines.
