UBS Global Research sees oil price forecast 2026 at $96 per barrel, supported by robust fuel consumption patterns, creating favorable conditions for high beta oil exploration and production stocks. To make matters worse, China, traditionally a driver of demand growth, has been accumulating massive stockpiles of crude oil. In the US, refineries have been running at their highest capacity since June 2022 , creating a processing bottleneck and depressing crude prices even further. "Oil and Gas" words and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo Purchase Licensing Rights , opens new tab Oil price forecast 2026 from Barclays suggests a trading band of $91–$97, with the possibility of demand spikes during winter months influencing seasonal cyclical patterns in energy equities.
