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: 14.07.2025 Expectation: 945 pips
Delayed tariff implementation may push silver to $35.650
Yesterday at 11:10 AM 40
Period: 18.07.2025 Expectation: 1400 pips
Weak dollar may drive S&P 500 to 6,300
Yesterday at 07:34 AM 39
Brent sell
Period: 11.07.2025 Expectation: 400 pips
Brent falls ahead of OPEC+ decisions
04 July 2025 63
Period: 18.07.2025 Expectation: 900 pips
AUDCAD is likely to keep pulling back from its monthly high
04 July 2025 49
Period: 10.07.2025 Expectation: 1200 pips
Selling USDJPY during rebound with 142.430 target
03 July 2025 64
Period: 11.07.2025 Expectation: 220 pips
Heatwaves across Europe and US support gas price recovery from recent lows
03 July 2025 246
Go to forecasts