Crude oil futures have dipped after a brief rebound, as traders re-evaluate recent supply disruptions and ongoing geopolitical tensions create a precarious market environment.
Production outages at Norway's Johan Sverdrup oilfield and Kazakhstan's Tengiz field temporarily lifted prices, but with production levels expected to normalize, concerns about long-term supply stability are rising.
Investor sentiment is cautious due to escalating tensions in Eastern Europe, which, alongside potential increases in US production, could sustain downward pressure on oil prices.
Upcoming US crude oil inventory data could provide further clarity on demand, with any significant increases in stock levels likely exacerbating the bearish outlook for the market.
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