1 April | Oil

Macquarie sees oil falling to $60 on supply surplus

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.

Elena Berseneva MarketCheese
Period: 25.07.2025 Expectation: 440 pips
AUDCAD gains on technical bounce and improved sentiment in commodity markets
Today at 10:05 AM 27
Period: 25.07.2025 Expectation: 1700 pips
GBPUSD struggles to regain momentum as uptrend breaks
Today at 09:14 AM 25
Period: 25.07.2025 Expectation: 222 pips
Buying natural gas with target at 3.780 amid record heatwaves in US and Asia
Yesterday at 10:49 AM 61
Period: 25.07.2025 Expectation: 15000 pips
ETHUSD rally accelerates as US moves forward with crypto legislation
Yesterday at 10:13 AM 65
Period: 23.07.2025 Expectation: 600 pips
USDCAD gains strength amid dollar rally and falling oil prices
16 July 2025 86
Period: 25.07.2025 Expectation: 1000 pips
Nvidia's return to China pushes shares toward 180 level
16 July 2025 78
Go to forecasts