Banks Are Unanimously Bearish On Oil – Is It The Contrarian Opportunity For 2026?

Oil is closing 2025 as one of the negative-performing assets. Despite starting the year with a rally, oil's movement soon became typical bear-market dynamics. Consistent price decline interrupted by volatile, sharp double-digit rallies. Still, even in that environment, oil majors saw significant performance discrepancies. ConocoPhillips (NYSE:COP) lost 8.3% year-to-date, while Exxon Mobil (NYSE:XOM) squeezed a double-digit gain of over 11%. Going into 2026, oil has become one of the most consensus-bearis ...