05:47 AM EDT, 04/30/2025 (MT Newswires) -- Crude oil's forward curves suggest prices will fall in the coming months, Commerzbank said in a Tuesday note.

For the near-term maturities, the oil forward curves are still in backwardation, which means the commodity's price for future delivery is lower than the current spot price. This does not indicate an imminent oversupply, the bank noted.

The contango structure, in which future prices are higher than spot prices, starting from early 2026 may indicate that the oversupply will peak at the turn of the year, the bank said. This is due to the Organization of the Petroleum Exporting Countries and allied producers' planned output hikes being nearly completed by this time.

Demand may also recover if the tariff conflict is resolved by then, Commerzbank said.