HSBC trims oil price forecast for 2025 and 2026

HSBC has lowered its oil price forecast this week, citing US President Donald Trump's trade policies and crude production hikes by OPEC+.

The revised estimates suggest that Brent oil prices will be $68.5 per barrel this year and $65 per barrel next year. Earlier, HSBC expected prices to hit $73 in 2025 and $70 in 2026.

The bank has also updated WTI crude price forecast. At the moment, HSBC projects the grade will reach $65.40 this year and $62 next year, both down about $5 from earlier estimates. 

Additionally, HSBC revised its forecast of world oil demand growth down to 0.7 million barrels per day in 2025 and 0.8 million barrels per day next year. Previously, the bank expected oil demand to rise by 0.9 million barrels per day.

The updated estimates are published as Brent is struggling to stay above $63, while WTI is hovering around $60. Prices for both grades have fallen more than 20% from their highs earlier this year, OilPrice adds.