Crude oil prices are currently low and face continued risks, primarily from potential Russian oil export increases amid subdued global demand and ongoing geopolitical tensions. Possible progress in Russia-Ukraine ceasefire talks could lead to a rise in Russian oil exports, further straining the market. Although OPEC+ is tightening production schedules among some members to support prices, any new production increases may worsen the supply-demand balance. Additionally, U.S. sanctions on Iranian oil may provide some market support, complicating the geopolitical landscape around oil exports in the Middle East.
Crude oil prices continue to hover near their lows, with potential increases in Russian exports and subdued global demand possibly exerting downward pressure.
OPEC+ production schedules could support prices, but additional increases from member countries may lead to further declines in the market.
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