Crude oil futures are caught in a narrow range, responding to escalating geopolitical tensions and mixed U.S. inventory data as the market seeks clarity.
Geopolitical tensions from the Ukraine-Russia conflict are raising concerns over energy flow disruptions, particularly impacting crude prices from Russia.
The potential delay of OPEC+ production increases reflects worries about global demand, especially amidst slowing economic growth in China and rising output from non-members.
While Norway's restoration of capacity at Johan Sverdrup adds pressure on prices, the delayed OPEC+ output hikes may lend stability to the market.
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