Oil forceast to hover near $60/bbl, as oversupply outweighs geopolitical risks

Core Viewpoint - Oil prices are expected to remain around $60 per barrel this year due to oversupply in the market, which counterbalances the effects of geopolitical tensions that may disrupt cargo shipments [1] Group 1: Market Dynamics - The market is facing a potential oversupply situation, which is a significant factor influencing oil prices [1] - Geopolitical tensions are present but are not expected to have a strong enough impact to drive prices significantly higher [1] Group 2: Price Forecast - The forecast indicates that oil prices will likely stabilize near the $60 per barrel mark throughout the year [1]