Oil futures now are tracking sideways at $82.00 after a sharp two-day rally, as traders weigh mixed Chinese PMI figures against resilient U.S. consumer spending data. Chart patterns show a pennant formation, typically preceding breakout moves. Fundamentally, there are several analytical and brokerage firms that are forecasting a global crude oil glut in the coming months. One firm is forecasting crude oil prices to drop into the $50-a-barrel range in the coming quarters on expectations for “punishing oversupply” as output expands. Macquarie Group analysts remain “fundamentally bearish on the energy complex” due to crude-supply growth from OPEC-plus and drillers outside the group. Last month, the International Energy Agency projected that world output would exceed consumption by an average of 3.33 million barrels a day in 2026. That would be a historic overhang in annual terms. The price of Brent crude oil, the international standard, rose 3.3% to $79.60 a barrel. U.S. crude rose 3.1% to $76.16 a barrel. Oil futures now dipped to $81.80 following hawkish Federal Reserve commentary, leading to risk-off positioning across commodity baskets. The CME’s volatility index points to heightened energy price swings.