Global crude oil prices are expected to soften significantly in 2026, with Brent crude likely to decline to around USD 50 per barrel by June 2026, according to a report by State Bank of India.The report highlighted that the overall outlook for crude oil prices in 2026 is weakening further from current levels amid rising inventories and softer global trends.It stated "Crude oil prices to soften significantly in 2026 (to touch USD 50 /bbl by June 2026".The report noted that the U.S. Energy Information Admini ...

Core Insights - Gasoline prices are decreasing as the Thanksgiving travel weekend begins, with the national average slightly above $3 per gallon, while over half of US states have prices below this mark, and some stations offering prices as low as $1.99 [1][2][3] Price Trends - The national average gasoline price was $3.05 per gallon on Tuesday, remaining stable compared to the same time last year [1][4] - Coastal states like California and Washington have prices exceeding $4 per gallon, while more than 28 states, primarily in the Midwest and Gulf Coast, report averages below $3 per gallon [2] Factors Influencing Prices - Seasonal demand reduction, cheaper winter blends, and declining oil prices are expected to exert continued downward pressure on gasoline costs [2] - Crude oil prices have been on a downward trend, with Brent and West Texas Intermediate (WTI) futures declining by over 2% amid ongoing peace negotiations between Ukraine and Russia [5] Future Expectations - Analysts predict that gasoline prices may remain at or below $3 per gallon for the remainder of the year, with the potential for some of the lowest prices seen in the last four years [3][4] - The current period is considered the most challenging for US gasoline prices this season, with crude liquidation linked to the Ukraine/Russia peace initiative [5]