There’s a record 1.4 billion barrels of crude currently on the world’s oceans, pushing down benchmark prices and sending gasoline under $3 a gallon at the pump in the US.

Brent crude oil prices fell to below $60 a barrel on Tuesday, the lowest since May, amid investor optimism over progressing peace talks between Russia and Ukraine, and a wave of oversupply hitting global oil markets.

Oil prices settled marginally higher on Thursday as investors assessed the likelihood of further U.S. sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers.

"The administration is pushing for $40 per barrel crude oil, and with tariffs on foreign tubular goods, [input] prices are up, and drilling is going to disappear," one survey respondent said. "The oil industry is once again going to lose valuable employees."

Discover the methods that companies use for forecasting oil prices, including calculus, econometrics, and market influences like OPEC and futures trading.

Despite positive reports from OPEC and the IEA, as well as supportive US inventory draws and new geopolitical risks in the Caspian Sea, oil prices surprisingly fell nearly 2% as market sentiment took precedence over fundamental data.

Goldman Sachs sees gold prices climbing 14% to $4,900 per ounce by December 2026 in its base case, it said in a note on Thursday, while citing upside risks to this view due to a potential broadening of diversification to private investors.

What should the long-run price of oil be? That was the question Standard Chartered Bank analysts, including the company’s commodities research head, Paul Horsnell, asked in a report sent to Rigzone by the Standard Chartered team on Tuesday. The analysts ...

Oil prices fell sharply as optimism increased for a Russia-Ukraine peace deal, sending Brent crude below $60 a barrel to its lowest level since May.

Latshaw drilling rig #19 operates in the midst of a cotton field Monday, Dec. 27, 2021, in Stanton, Texas. (Odessa American File Photo) With the price of oil stubbornly staying under $65 per barrel and with that and advanced technology thinning the numbers ...