Oil prices are expected to drop further, with Brent potentially hitting the $30s per barrel by 2027 due to oversupply, as per JP Morgan forecast. Brent Crude prices have fallen by 14% year to date, trading at $62.59 per barrel. The U.S. and Ukraine held “highly productive” talks in Geneva on refining a peace plan. Despite the surplus, analysts don’t foresee oil prices dropping below $40, but peace in Ukraine could ease energy prices. Goldman Sachs predicts WTI Crude to average $53 per barrel in 2026, advising investors to short oil now. The surplus in 2026 is projected to be 2 million bpd on average, with 2026 being the last year of the current supply wave. The oil market is expected to rebalance in 2027 after working through the last big oil supply wave.

Read more at Yahoo Finance: JP Morgan Says Oil Prices Could Plunge Into $30s by 2027