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Industry - Commodity Price Forecasts - Commodity Price Forecasts

Publisher Oxford Economics
Published Mar 14, 2025
Length 20 Pages
SKU # OFE19929292

Description

This month Brent fell to a three-year low below $70pb following OPEC's confirmation that it will begin unwinding cuts in Q2. The move adds downward pressure to prices in an already bearish environment as softer global economic growth prospects are weighing on oil demand. We have downgraded our oil price forecast with Brent set to average $70.50pb this year.

Table of Contents

20 Pages
Global: Tariffs pummel commodity markets
Oil Overview
Additional OPEC supply and subdued demand weakness weigh on prices
OPEC confirms it will unwind cuts in April
Trump's tariffs weigh on global oil demand
We have downgraded our short-term oil price forecast
Gas Overview
A fragile ceasefire between Russia and Ukraine will weigh on the European price
Iron and Steel Overview
Weak supply is supporting prices
Import tariffs to raise US steel prices
Base Metals Overview
Tariff uncertainty causing volatility
Precious Metals Overview
Gold prices remain elevated
Silver and PGMs volatility to continue
Battery Metals Overview
Battery metals set for recovery in 2025
Agricultural Commodities Overview
Prices volatile on tariff worries
Lumber prices jump
Risks
US tariffs
Russia-Ukraine war
Energy transition
Middle East
Macroeconomic risks
Resource nationalism

Pricing

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