Banks Bearish On Oil

Benzinga

Oil finished 2025 in the red as oversupply and weaker demand capped prices. Banks expect subdued crude in 2026, while energy majors diverged, with Exxon up and ConocoPhillips down.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:03Oil ended 2025 as a negative performing asset after an early rally gave way to persistent

00:09declines punctuated by sharp rebounds. Performance among oil majors diverged,

00:14with ConocoPhillips down 8.3% year-to-date and ExxonMobil up more than 11%.

00:20Entering 2026, major banks broadly expect crude prices to remain subdued due to oversupply and

00:27slowing demand. JP Morgan forecasts average prices near $53 per barrel, while Goldman Sachs projects

00:33about $52. Other institutions share similar views, and Bank of America sees $57 with additional

00:40downside risks. Bank of America forecasts oil at $57 per barrel while citing downside risks from peace

00:47in Ukraine, a pro-market government in Venezuela, and a worsening economic outlook. United States

00:53oil fund is down 10.98% year-to-date. For all things money, visit Benzinga.com.

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