Brent outlook raised to US$100 per barrel for end-2026

OCBC Group Research now puts Brent crude at US$100 per barrel by end-2026, compared with its earlier US$85 projection. The research arm attributed the revision to elevated oil prices and an expected slow easing of physical supply constraints. Its end-2027 estimate is now US$85 per barrel; previously it was US$75.

The research arm said crude shipments were increasing, although their volume remained unclear. Tracking providers produced differing export estimates amid greater use of convoys, transfers between ships and vessels operating without tracking signals.

For gold, the revised forecasts are US$4,250 per ounce by end-2026 and US$4,710 per ounce by end-2027, both lower than before. OCBC Research said uncertainty about a possible December rate increase, following the US Federal Reserve's divided October decision to hold rates, was likely to keep sentiment defensive. It expects easing inflation pressures from the second half of 2027 to allow renewed monetary easing, with declining real yields helping a gradual gold recovery.

Malaysian crude palm oil prices are expected to stay within a range in the near term as high domestic stocks weigh on the market, OCBC Research said. Tighter supply and firm demand for biodiesel could support prices into 2027. While stronger exports could slow further stock accumulation, the research arm cautioned that clearing existing inventories may take time, especially if festive restocking demand weakens.