Analysts hike oil outlook on geopolitical risks, oversupply concerns limit upside

Feb 27 (Reuters) – Supply risks from ongoing geopolitical tensions have prompted analysts to raise their oil price forecasts for the year, despite concerns that an oversupply will continue to weigh on the market. The survey of 34 economists and analysts conducted in February forecast that Brent crude would average $63.85 per barrel in 2026, up from January’s forecast of $62.02. U.S. crude is projected to average $60.38 per barrel, compared with January’s estimate of $58.72. The benchmarks have averaged $70.48 and $65.01 respectively year-to-date. “Oil prices are bloated with a decent geopolitical risk premium,” said Norbert Rucker, head of…