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Brent Crude Expected to Continue to Ease Across 2026, Westpac Says

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Brent crude oil is expected to ease to an average of $83 in the September quarter and to continue to decline to $80 by the March quarter 2027, Westpac said in a commodity forecast report filed on Monday.

Gold is forecast to reach an average of $4,350 per ounce in the September quarter, rising to a peak of $4,700 in the June 2030 quarter, while iron ore fines at 62% iron content are expected to reach a peak of $100 per tonne in the September quarter, before falling to $83 by June 2027, the report added.

Copper is forecast at a quarterly average of $13,800 per tonne in the September quarter, falling to $11,470 in the December 2028 quarter before recovering to $13,280 by the June 2030 quarter, while aluminum is expected to climb to $3,310 per tonne in the September quarter 2027 before retreating to $3,000 by the June 2028 quarter, the report added.

Nickel is forecast to rise to an average of $17,070 per tonne in the September quarter, before rising to $17,450 by December 2027, while zinc is expected to decline to $3,590 in the September quarter and reach $2,700 by the March 2029 quarter.

Lead is forecast to reach $1,900 per tonne in the three months to September and hold broadly steady for the rest of the year, the report said.

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