Analysts say the oil market is currently facing a mix of factors: geopolitical tension, possible inventory rises, and temporary supply issues. These competing forces have kept prices in a range near $60 per barrel, as traders try to weigh likely direction in the near term.
As US President Donald Trump said there would be ‘no going back’ on his plans linked to Greenland, signalling that his position remains firm, experts are watching closely. His earlier warnings about imposing new tariffs on European countries have added to worries about slower global economic growth. At the same time, market expectations showed that US crude oil and petrol stocks likely increased last week. However, distillate fuel stocks, such as diesel, were expected to fall, with traders waiting for official figures from the US Energy Information Administration (EIA).