Oil prices are edging up, driven by concerns over geopolitical tensions and supply chain challenges. Recent instability in key oil-producing regions, combined with OPEC’s stance on maintaining output cuts, has created a tighter supply environment that continues to support higher prices. Meanwhile, worries about global economic slowdown and its impact on demand are tempering gains.
Analysts note that while oil prices are currently supported by supply-side factors, any indication of slowing demand—particularly from major economies like the U.S. and China—could potentially cap price growth. Market watchers are closely monitoring both supply dynamics and global economic indicators to assess the likely direction of oil prices in the near term .
