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Oil heads for largest weekly gain since July as ING lifts price forecast

9/4/2026

Oil prices are tracking toward their biggest weekly gain since July, and ING has raised its price forecast for the commodity. The rally and the revision together signal a shift in sentiment.

The risk is that the shift is arriving late.

The fact that oil is heading for its best week since July implies the commodity has been under pressure for some time, and that the current week marks a break from that pattern.

ING's decision to raise its price forecast into the momentum adds institutional weight to the move. The read-through, at minimum, is that a major bank sees the rally as durable enough to mark up its numbers.