New Delhi, Nov. 26 -- Oil prices have survived wars without going too high and stayed roughly within a band of $60-70 per barrel for much of 2025. But could a market glut send them lower?

JPMorgan sees Brent crude averaging about $58 a barrel in 2026 and then falling further, with a possible scenario of greater oversupply pushing it down to nearly $30 by the end of 2027, less than half the latest price of about $62.

Other analysts like Goldman Sachs have also recommended going short on oil. An unstated assumption seems to be that the Opec+ oil cartel will either lose its ability to curtail supply or pump out more to flood the market and push its US shale-oil rivals into a quandary, since the latter's high costs mean their margins get ti...