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Industry - Commodity Price Forecasts - Commodity Price Forecasts

Publisher Oxford Economics
Published Oct 10, 2025
Length 22 Pages
SKU # OFE20535954

Description

We have maintained our forecast for Brent to finish 2025 at $65.23 per barrel and to fall to an average of $64.31 in 2026. Additional OPEC+ supply will exert downward pressure on prices, but the group remains reactive to lower oil prices, and we expect it to slow its pace of supply additions as prices fall.

Table of Contents

22 Pages
Global: Gold the bright spot; fundamentals soft elsewhere
Oil Overview
We have held our Brent forecast for another month
Supply outlook
Demand outlook
US developments
Geopolitics remains in focus
Gas Overview
Forecasts downgraded for winter
European gas (TTF)
Iron and Steel Overview
Iron ore price rally to fade
Global steel demand to ease
Base Metals Overview
Resilient price growth, slowing ahead
Precious Metals Overview
Gold breaks records amid renewed US government turbulence
Silver and PGMs outlook rising
Battery Metals Overview
Price recovery to remain slow and steady
Agricultural Commodities Overview
China's absence hits soybeans market
Section 232 tariffs imposed on lumber
Risks
US tariffs
Middle East tensions
Russia-Ukraine war
Macroeconomic risks
Resource nationalism

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