There’s a record 1.4 billion barrels of crude currently on the world’s oceans, pushing down benchmark prices and sending gasoline under $3 a gallon at the pump in the US.

"The administration is pushing for $40 per barrel crude oil, and with tariffs on foreign tubular goods, [input] prices are up, and drilling is going to disappear," one survey respondent said. "The oil industry is once again going to lose valuable employees."

Discover the methods that companies use for forecasting oil prices, including calculus, econometrics, and market influences like OPEC and futures trading.

Crude oil prices fell for a second straight week as rising inventories and mounting oversupply expectations outweighed geopolitical supply risks and reinforced bearish long-term demand forecasts.

HOUSTON (Reuters) -Oil prices fell more than $2 a barrel on Wednesday, weighed down by an OPEC report saying global oil supply will match demand in 2026, marking a further shift from its earlier projections of a supply deficit. Brent crude futures settled ...

Oil prices settled marginally higher on Thursday as investors assessed the likelihood of further U.S. sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers.