29 July
Macquarie sees oil falling to $60 on supply surplus
Macquarie forecasts oil prices could slump to $60 per barrel—a level not seen since 2021—as markets remain oversupplied.
Crude oil demand is weakening amid escalating global trade tensions, just as OPEC+ prepares to boost output this month. This could send markets into further imbalance, the International Energy Agency warns.
Macquarie analysts, however, don't foresee a major slump in oil prices. In their opinion, if crude falls below $60, the supply additions in the US and from OPEC+ will slow.
The bank also highlights the shutdown of several Chinese refineries. Macquarie stresses that if these closures accelerate, the longer-term outlook for refined products could be more positive.
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