Geoffrey Dennis: Crude Oil Prices to Stay Under $65 Through 2026 Amid Supply, Slowdown
Commodities
C
CNBC TV18•07-01-2026, 10:47
Geoffrey Dennis: Crude Oil Prices to Stay Under $65 Through 2026 Amid Supply, Slowdown
- •Geoffrey Dennis predicts crude oil prices will remain capped near $65 a barrel through 2026, with Brent crude trading in a $50–65 range.
- •Ample global supply and slowing economic growth, particularly in China and Europe, are key factors keeping prices under pressure.
- •Geopolitical rhetoric, including US President Trump's comments on Venezuela and Greenland, is unlikely to materially disrupt crude markets.
- •Markets are focusing on long-term supply outlook; increased Venezuelan output post-rebuilding could eventually weigh on prices.
- •Trump's Greenland acquisition suggestion is seen as strategic posturing for rare earth minerals, not a likely military takeover.
Why It Matters: Crude oil prices are expected to remain capped at $65 until 2026 due to supply and economic slowdown.
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