Global oil markets have entered a bearish phase, with U.S. crude sliding below $60 per barrel, down over 20% from January highs. Surging U.S. output, gradual unwinding of OPEC+ cuts, and tepid demand—especially in China—have created persistent oversupply. With inventories at multi-year highs, near-term prices are expected to remain under pressure, while structural factors cap any sustained rallies in 2026.Global oil markets have entered a bearish phase, with U.S. crude sliding below $60 per barrel, down over 20% from January highs. Surging U.S. output, gradual unwinding of OPEC+ cuts, and tepid demand—especially in China—have created persistent oversupply. With inventories at multi-year highs, near-term prices are expected to remain under pressure, while structural factors cap any sustained rallies in 2026
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Global oil prices under pressure: What’s driving the decline and what lies ahead
