Oil prices appear to be trapped within a relatively narrow range, squeezed between competing forces on both the upside and downside.
There is no shortage of news, but WTI is stuck between $50 and $60, and Brent is stuck between $60 and $70. Obviously, nothing is ever static in the oil market, and the one truism about oil is that volatility can and will return. But for now, oil is range-bound, supported by supply outages, OPEC+ cuts and geopolitical unrest on the one hand, but capped by weak demand and a looming return of surplus on the other.
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