New Delhi, April 6 -- Crude oil prices are unlikely to decline to USD 70 per barrel this year and are expected to remain in the range of USD 80-85 per barrel in 2026, according to a report by Union Bank of India.

The report noted that while oil prices may moderate from current elevated levels, a sharp decline is unlikely given ongoing global uncertainties.

"We do not think oil will get back to USD 70 this year... our base case for oil price is USD 80-85 per barrel in 2026," the report stated.

It added that oil price shocks tend to have a gradual impact at lower levels but can turn sharply negative when prices rise beyond USD 100-120 per barrel, increasing the likelihood of monetary tightening, including possible rate hikes by the US Fe...