Deutsche Bank raises its Brent crude oil price forecast by 11% due to expected narrowing of supply surplus

Analysts led by Michael Hsueh at Deutsche Bank stated in a report that the bank has raised its 2026 Brent crude oil price forecast to $61.50 per barrel, as it expects the extent of oversupply in the second half of the year to narrow. Entering the second half of 2026, the supply-demand model indicates that the surplus will be significantly reduced. If unplanned supply disruptions are taken into account, the market is likely to trend towards balance or even experience shortages. (Bloomberg)