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Industry - Commodity Price Forecasts - Commodity Price Forecasts

Publisher Oxford Economics
Published Aug 14, 2025
Length 20 Pages
SKU # OFE20317573

Description

Our Brent and WTI benchmark oil price forecasts are unchanged for this month. While it has been an eventful news month in oil markets, we see rising OPEC+ output offsetting geopolitical risks to supply, which has shifted from the Middle East to Russia. We see Brent crude prices at $65.23 at the end of 2025.

Table of Contents

20 Pages
Global: Oversupply and tariff uncertainty drive prices
Oil Overview
Our Brent crude forecast is unchanged
A ceasefire would not flood the market
Upcoming oil surplus
Rig counts slip further
Refiners' strong margins persist for now
EU price cap to weigh on Urals
Gas Overview
New, seasonal gas price forecasts
LNG in focus from EU-US trade deal
US gas production upgraded on strong export growth
Iron and Steel Overview
Iron ore market sentiment improves
Weak steel market outlook
Base Metals Overview
US copper prices plunge
Precious Metals Overview
Gold continues to trade within a range
Silver and PGMs outlook rising
Battery Metals Overview
Price recovery to proceed slowly amid short-term volatility
Agricultural Commodities Overview
Food price forecasts lowered
Canadian softwood tariffs raised
Risks
US tariffs
Middle East tensions
Russia-Ukraine war
Macroeconomic risks
Resource nationalism

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