Why Oil Prices are Set to Fall Below $60 Next Year

Oil prices are set to average below $60 per barrel next year, investment banks have said in their latest forecasts in recent weeks.  In 2026, both Brent Crude and WTI Crude are expected to slip from current levels of $63 per barrel and $60 a barrel, respectively, as the emerging oversupply will overwhelm the market, analysts say.  Geopolitical factors will certainly play into the price of oil next year, and these will be centered on Venezuela, Russia, and Iran.  Despite the many geopolitical uncertainties, the U.S. Energy Information…