Moving into 2026, a number of analysts believe prices of “black gold” will remain sluggish or even decline further during the year, in contrast to actual gold, for which prices remain elevated.
The price of oil hovered around US$60 ($77.85) in early December, down more than 20% from the 2025 high of more than US$78. Analysts have noted that unstable trade tensions and uncertainty have affected the world economy and demand for oil. Exacerbating the volatility is Opec+’s decision to unwind past years’ production curbs at a faster pace. These factors have put downward pressure on oil prices as supply increases but demand remains stagnant or grows more slowly.
