Global oil prices under pressure: Whats driving the decline and what lies ahead

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 demandespecially in Chinahave 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 demandespecially in Chinahave 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