OIL

Crude oil prices remain volatile but showing near-term strength: Brent crude recently climbed to $67.85/bbl and WTI to $62.74/bbl amid supply disruption concerns (US winter storm impacts, Kazakhstan export losses) and geopolitical tensions. The energy sector has outperformed broader markets year-to-date, with analysts noting possible continuation of gains if key breakouts hold. Longer-term risks include oversupply concerns and inventory builds if OPEC+ and non-OPEC production outpaces demand. Market balance factors: Aramco leadership suggests global supply/demand balance is tighter than some predictions, keeping a floor under prices. Venezuelan crude’s return and shifts in trade flows can redistribute supply and affect pricing dynamics.