Oil Prices Unlikely to Break Current Range Amid Adequate Supply, Analyst Says

Oil prices are expected to remain within their current volatility range due to sufficient market supply, according to a report by Phillip Nova analyst Priyanka Sachdeva. According to Jin10, Sachdeva noted that the recent significant rise in crude oil prices was driven by investor speculation on Middle Eastern geopolitical tensions rather than actual disruptions in transportation channels. She emphasized that only a major and sustained supply shortage would lead to a significant price breakout. Additionally, she mentioned that macroeconomic factors, such as U.S. economic data, might cause short-term fluctuations, but their impact is likely to be limited.