WTI crude oil (US crude) is trading around $58.41 per barrel in intraday trading, after moving between a low of $56.37 and a high of $58.44 based on Capital.com pricing at 10:49am UTC on 6 January 2026. Meanwhile, UK oil (Brent crude) is trading around $61.94 per barrel, close to the top of its intraday range between $59.88 and $61.99, as of 10:49am UTC on 6 January 2026. Past performance is not a reliable indicator of future results.

Intraday price movements are unfolding amid continued market attention on geopolitical developments in Venezuela, where recent US actions involving President Nicolás Maduro have contributed to a modest risk premium across crude benchmarks (Bloomberg, 6 January 2026). Price action is also taking place against a backdrop of a slightly softer US dollar, after the Dollar Index eased from recent highs near 98.8 (Trading Economics, 6 January 2026).​

Oil price forecast 2026-2030: Analyst price target view

As of 6 January 2026, third-party oil price predictions generally cluster in the low- to mid-$50s per barrel range for annual averages, with some variation across agencies and banks. The figures below primarily reflect forecast annual average spot or benchmark prices, rather than specific year-end targets, and are typically framed around expectations for supply growth, demand trends and inventory balances.

Brent and WTI crude oil price forecasts

Reuters (consensus poll)

A Reuters poll of analysts reported in early January 2026 that US crude is projected to average around $58.15 per barrel in 2026, slightly below the prior November consensus of approximately $59.00. The survey highlights expectations for ample supply and a relatively balanced market, with respondents citing rising non-OPEC output as a key factor (Reuters, 5 January 2025).​

Goldman Sachs (house view)

Goldman Sachs has been cited as expecting Brent crude to average around $56 per barrel, with WTI near $52 per barrel in 2026, below prevailing forward curves as of mid-November 2025. The bank notes that higher-than-expected supply growth alongside a softer demand profile could keep prices under pressure across the 2025–2026 period (BOE Report, 17 November 2025).

J.P. Morgan (commodities research)

J.P. Morgan’s commodities research team, as referenced in industry coverage, forecasts WTI crude averaging about $65 per barrel in 2025 and around $54 per barrel in 2026. The bank points to factors such as strategic stockpiling, evolving sanctions affecting Russian exports, and a gradual moderation in demand growth as shaping a relatively contained price trajectory (Rigzone, 16 December 2025).

Macquarie / BMI–Fitch (research assumptions)

Research excerpts circulated via industry reports show Macquarie expecting WTI to average approximately $57.25 per barrel in 2026, while BMI, part of Fitch Solutions, projects a front-month WTI average closer to the low-$60s per barrel range for the same year, based on assumptions published in early December 2025. These institutions generally highlight the interaction between robust US and non-OPEC supply, slowing but still positive demand growth, and ongoing geopolitical and sanctions-related uncertainties (Investing.com, 31 December 2025).

US Energy Information Administration (Short‑Term Energy Outlook)

The US EIA’s December 2025 Short-Term Energy Outlook indicates a Brent spot price forecast averaging around $55.08 per barrel in 2026, with quarterly projections centred on the mid-$50s per barrel range. The agency’s outlook suggests prices may ease from late-2025 levels into early 2026, reflecting expectations that growing global oil production and rising inventories could outweigh demand. OPEC+ policy decisions and China’s inventory trends are cited as important variables influencing the extent of any price adjustment ( U.S. Energy Information Administration, 9 December 2025).​

Takeaway: Across these sources, third-party oil price predictions generally span from the low-$50s to the low-$60s per barrel, with common reference to ample supply, moderating demand growth and sanctions-related disruptions as underlying assumptions, rather than guarantees of any specific outcome.

Past performance is not a reliable indicator of future results. Projections and third-party forecasts are not recommendations and may not reflect actual future performance, as they cannot account for unforeseen events or changing market conditions.

Crude oil: Technical view

Brent crude oil is trading near $61.94 as of 10:49am UTC on 6 January 2026, holding just above the Classic Pivot at $61.24 and below first resistance at $63.80, within a relatively tight intraday range. The 20-, 50-, 100- and 200-day simple moving averages sit between roughly $61.3 and $66.0, with shorter-dated averages positioned below longer-dated levels, suggesting a neutral-to-cautious technical structure. The 14-day RSI near 51 remains mid-range, while the ADX around 23 indicates only a modestly developed trend.

A daily close above $63.80 could bring the R2 zone near $66.60 into focus, while a break below the pivot would shift attention toward the S1 area around $58.40 (TradingView, 6 January 2026).

This is technical analysis for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any instrument.

Oil price history

US crude history

US crude oil (WTI) spent much of 2024 trading within a broad $70–80 per barrel range, with several spikes above $80 around April and July before retreating towards the low-$70s into year-end. Prices then rolled over during late 2024 and early 2025, slipping from closing levels near $71–72 at the end of December 2024 into the low-$70s and upper-$60s by March, before rallying sharply towards $85 in mid-April 2025. This move was followed by a pullback, with prices easing into the low-$60s by early June.

The remainder of 2025 saw WTI gradually ease from early-summer highs around $70–75 into the mid-$60s and later the high-$50s, with the market closing the year at $57.35 on 31 December 2025 and edging slightly higher to around $58.40 by 6 January 2026.