Priyanka Sachdeva, senior market analyst at brokerage firm Phillip Nova, pointed out that the reaction of oil prices to major geopolitical events was unexpectedly lackluster, which indicates that basic supply and demand factors are still the key to oil prices. From a supply perspective, the oil market still has sufficient stocks. According to the latest data from the International Energy Agency and the US Energy Information Administration, the growth rate of global crude oil supply continues to exceed the growth rate of consumption, driving up inventories and putting downward pressure on oil prices.

Priyanka Sachdeva, senior market analyst at brokerage firm Phillip Nova, pointed out that the reaction of oil prices to major geopolitical events was unexpectedly lackluster, which indicates that basic supply and demand factors are still the key to oil prices. From a supply perspective, the oil market still has sufficient stocks. According to the latest data from the International Energy Agency and the US Energy Information Administration, the growth rate of global crude oil supply continues to exceed the growth rate of consumption, driving up inventories and putting downward pressure on oil prices.