Brent crude faced renewed selling pressure as XP Investimentos slashed its oil price forecast, projecting the benchmark to close the second half of 2026 at $75 per barrel.
The Brazilian investment bank’s downgrade underscores a broadening consensus among major financial institutions that global demand growth is stalling faster than previously anticipated.
XP’s revised outlook places it below UBS’s recent average forecast of $84 per barrel for 2026-2027, though it remains above Citigroup’s more bearish year-end target of $60.
XP’s revised outlook places it below UBS’s recent average forecast of $84 per barrel for 2026-2027, though it remains above Citigroup’s more bearish year-end target of $60.
The divergence in analyst estimates highlights the uncertainty surrounding the depth of the current demand slowdown, with XP positioning itself in the middle of the widening range of institutional forecasts.
The downgrade comes amid a broader reassessment of energy market fundamentals.
UBS cited a faster-than-expected deceleration in global economic activity as the primary driver for its own cut, while Citigroup advised investors to capitalize on temporary price increases rather than expecting a sustained recovery.