Investment Rating - The report suggests a positive investment outlook for the oil industry, particularly highlighting companies like China National Petroleum Corporation and CNOOC as key players in the sector [6]. Core Insights - The oil market is influenced by three main attributes: commodity characteristics, geopolitical factors, and financial aspects. The price formation mechanism is complex, with supply and demand, geopolitical events, and dollar interest rates playing significant roles. The report indicates that the oil price has been trending downward in 2023 due to a loosening supply-demand balance [4]. - Supply is heavily concentrated in the Middle East, which holds nearly 60% of global reserves. Major suppliers include Saudi Arabia, the United States, and Russia. The report notes that OPEC plays a crucial role in controlling international oil prices through production management [4][5]. - Demand for oil is closely tied to global economic growth, with the U.S., Europe, China, and India being the primary consumers. The report forecasts that by 2024, the demand shares will be 19.7% for the U.S., 15.9% for China, and 13.8% for Europe [5]. - The Strait of Hormuz is highlighted as a critical chokepoint for global oil transport, with potential disruptions leading to significant production cuts in Gulf countries. The report emphasizes that if the Strait remains blocked, the scale of production cuts and the difficulty of resuming production will increase rapidly [5]. Summary by Sections Geopolitical and Financial Impact on Oil Prices - The report discusses how geopolitical tensions and financial factors significantly influence oil prices, with recent conflicts causing rapid price increases. It emphasizes that while short-term fluctuations are common, the long-term price trends are primarily driven by supply-demand fundamentals [21][24]. Oil Supply Situation - The global distribution of oil reserves is uneven, with the Middle East holding a significant portion. The report states that as of 2024, OPEC countries will control 79.2% of global oil reserves, with Saudi Arabia, Iran, and Venezuela being the top three countries [33]. - The U.S. has become the largest oil producer due to the shale oil revolution, but production growth is slowing as companies focus on investment returns rather than volume [36][51]. Oil Demand Situation - The report indicates that oil demand is expected to grow primarily in developing countries, with projections for 2025 showing an increase in global oil demand. The U.S. and China are expected to remain the largest consumers, with significant shifts in consumption patterns due to economic and structural changes [87][93]. - The report also notes that the refining capacity in Europe is declining, while the U.S. maintains a stable demand for refined products, indicating a shift in the global refining landscape [93].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In February, geopolitics still dominated the oil price trend. The US and Iran held three rounds of negotiations, and the market expected a low probability of reaching an agreement, leading to stronger oil prices. In March, the global crude oil consumption off - season arrives, and global refineries enter the peak maintenance period, which is bearish for the demand side. On the supply side, OPEC+ will hold a meeting in early March, and sources said OPEC+ may continue to increase production, resulting in a relatively loose supply - demand fundamental and greater downward pressure on oil prices. The upward momentum of oil prices still comes from geopolitics. The US and Iran will continue negotiations on March 2nd, and attention should be paid to the final outcome of the negotiations. It is recommended to use the option double - buying strategy or conduct reverse arbitrage operations after the US - Iran negotiation results are out [8][9]. 3. Summary According to the Catalog 3.1 Market Review and Outlook - **Crude Oil Market Review and March Outlook**: In February, geopolitics dominated oil prices. In March, with the off - season of consumption and refinery maintenance, demand is bearish. OPEC+ may increase production, and the supply - demand situation is loose. The key factor for price increase is the US - Iran negotiation on March 2nd. Recommended strategies are option double - buying or reverse arbitrage after negotiation results [8][9]. - **Supply**: In January 2026, OPEC crude oil production decreased by 135,000 barrels per day to 28.453 million barrels per day. EIA's February report in 2026 estimated the global crude oil supply at 107.85 million barrels per day, with a year - on - year increase of 1.56 million barrels per day. IEA estimated the global oil supply at 108.6 million barrels per day, with a year - on - year increase of 2.4 million barrels per day [9]. - **Demand**: In February 2026, EIA and OPEC monthly reports estimated the global crude oil demand in 2026 at 107.85 million, 106.52 million, and 104.78 million barrels per day respectively, with year - on - year increases of 1.56 million, 1.38 million, and 0.86 million barrels per day compared to 2025 [9][10]. - **Inventory**: As of the week of February 20th, US crude oil inventory increased by 16 million barrels to 435.8 million barrels, gasoline inventory decreased by 1 million barrels to 254.8 million barrels, distillate oil inventory increased by 252,000 barrels to 120.4 million barrels, and the strategic crude oil reserve remained unchanged at 415.2 million barrels [10]. 3.2 Macroeconomics - The International Monetary Fund raised the global economic growth forecast for 2026 by 0.1% to 3.3% in its January 19th report [15]. 3.3 Supply and Inventory - **Supply**: In January 2026, OPEC production decreased, while Saudi Arabia, Iraq, and the UAE increased production, and Iran and Venezuela decreased production. As of the week of February 20th, US crude oil production decreased by 33,000 barrels per day to 13.7 million barrels per day, and the number of rigs decreased by 2 to 409. US crude oil net imports increased [30][31][34]. - **Demand**: In February 2026, EIA and OPEC estimated the 2026 global crude oil demand at 107.85 million, 106.52 million, and 104.78 million barrels per day respectively, with year - on - year increases of 1.56 million, 1.38 million, and 0.86 million barrels per day. For 2027, the estimated demands are 108.75 million and 107.86 million barrels per day, with increases of 0.9 million and 1.34 million barrels per day respectively. As of the week of February 27th, domestic crude oil processing volume increased, and the import volume in December 2025 increased year - on - year. Domestic refinery capacity utilization decreased [38][41][51]. - **Inventory**: As of the week of February 20th, US commercial crude oil inventory increased, strategic inventory remained unchanged, gasoline inventory increased, and distillate fuel oil inventory decreased. As of the week of February 27th, Chinese port inventory and Shandong refinery in - plant inventory increased [58][60][63]. 3.4 Spreads and Positions - **Spreads**: WTI inter - month spreads remained low. As of February 26th, WTI M1 - M2 was $0.11 per barrel, and M1 - M6 was $1.53 per barrel. The domestic inter - month spreads rebounded due to geopolitical disturbances. US refined oil cracking spreads increased, while domestic refined oil cracking spreads declined [77][83][84]. - **Positions**: Information about WTI, Brent positions, and domestic SC warehouse receipts and total positions is provided, but no specific data analysis is given in the summary [86][88][91]. 3.5 Summary - The report provides investment strategies including futures, options, and hedging. It recommends option double - buying or reverse arbitrage after the US - Iran negotiation results are out [96].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In February 2026, affected by the geopolitical tensions between the US and Iran, international oil prices showed a strong and volatile pattern. The market priced in the possibility of an Iranian supply disruption, with Brent crude rising above $70 per barrel, and the current risk premium estimated to be as high as $8 - $12 per barrel. The WTI crude futures price closed at $65.42 per barrel on February 25, up about 7.9% from the same period last month, and Brent crude futures closed at $70.85 per barrel, up about 8% [4][8]. - In the short - term, the geopolitical situation will still dominate the market, and oil prices may remain volatile and strong. For the whole year of 2026, the market will face a re - balance between geopolitical risk premiums and global supply - demand fundamentals. The OPEC+ production policy and increased production in the Americas may bring supply surplus pressure, while seasonal demand recovery and global restocking may provide upward momentum [9]. - The crude oil surplus pattern is difficult to be falsified, and there is still pressure to accumulate inventory. Geopolitical risks are the main driving force for the upward movement of oil prices. The Brent price is expected to fluctuate in the range of $65 - $72 per barrel this month, with a pattern of high at the beginning and low at the end, and the downward risk mainly comes from the extrusion of geopolitical premiums [4][50]. Summary by Directory 1. Market Review - In February 2026, due to the geopolitical tensions between the US and Iran, international oil prices showed a strong and volatile pattern. The market priced in the possibility of an Iranian supply disruption, with Brent crude rising above $70 per barrel, and the current risk premium estimated to be as high as $8 - $12 per barrel. The WTI crude futures price closed at $65.42 per barrel on February 25, up about 7.9% from the same period last month, and Brent crude futures closed at $70.85 per barrel, up about 8% [4][8]. - Geopolitical risks are the core driving force this month. The US's increased pressure on Iran's nuclear issue, increased military deployments, and the repeated prospects of negotiations have led to repeated concerns about supply disruptions, driving short - term event - driven rebounds. Although the global supply surplus pressure persists, OPEC+ maintaining the policy of suspending production increases provides some support [4][8]. 2. Supply Overview - **OPEC**: In January 2026, OPEC's crude oil production was 28.453 million barrels per day, a month - on - month decrease of 135,000 barrels per day. The main production cuts came from Iran (- 81,000 barrels per day), Nigeria (- 19,000 barrels per day), and Venezuela (- 87,000 barrels per day). Iraq increased production by 38,000 barrels per day, and Saudi Arabia, the UAE, and Kuwait increased production by 13,000 barrels per day, 14,000 barrels per day, and 5,000 barrels per day respectively [13]. - **OPEC+**: OPEC+ plans to hold a regular meeting on March 1st to evaluate the production policy for the next month, and it is expected to maintain the production level in March. According to Reuters, OPEC is inclined to resume a small - scale production increase from April 2026, which may be related to the current strong price and the start of the summer demand peak. It is expected that by the end of 2026, OPEC will end the current production cut plan of 1.65 million barrels per day, and the supply will reach a high point. The subsequent supply increase is mainly expected to come from four Middle Eastern countries, with a total supply increase of about 1 million barrels per day [16]. - **US**: As of the week of February 20, the number of active US crude oil rigs was 409, unchanged from the previous week and slightly lower than the previous month. US crude oil production was 13.702 million barrels per day, a slight month - on - month decrease of 33,000 barrels per day and a year - on - year increase of about 200,000 barrels per day. The EIA expects the average US crude oil production to be 13.6 million barrels per day in 2026, the same as in 2025, and to drop to 13.3 million barrels per day in 2027 [19]. - **Russia**: As of February 22, Russia's average crude oil shipments in the four - week period were 3.44 million barrels per day, slightly up from the previous period and the fifth consecutive week of growth, but still about 420,000 barrels per day lower than the peak before Christmas. The UK announced new sanctions against Moscow, targeting 175 companies in the 2Rivers oil network [21]. - **Iran**: The confrontation between the US and Iran has directly driven the high volatility of the crude oil market through geopolitical risk premiums. The two sides are conducting military deployments and diplomatic negotiations at the same time. The current situation is at a crossroads between war and peace. The core contradictions between the two sides have expanded from the nuclear issue to broader issues such as Iran's missile program, regional influence, and the "absolute security" sought by the US and Israel. The possibility of the US launching a military strike on Iran in the long - term has increased significantly. If the situation escalates to military confrontation, it may lead to supply disruptions and a sharp rise in oil prices. In January, Iran's crude oil production was about 3.3 million barrels per day, and exports increased from 1.38 million barrels per day last month to about 1.6 million barrels per day [24][26]. 3. Demand Overview - **US**: In February, US gasoline demand bottomed out and rebounded, with demand around 8.484 million barrels per day at the end of the month, and the demand level was in a neutral state in the past five - year range. US gasoline inventories have been accumulating since early January, exceeding the seasonal level, with a year - on - year increase of 1%, and then falling back to around 250 million barrels in late February. US distillate demand also increased seasonally in February, with the demand level at a relatively high level in the same period of previous years. Distillate inventories declined slightly, and the destocking speed was relatively limited, with inventories around 120 million barrels at the end of February [29]. - **China**: In February, the operating rate of domestic refineries increased slightly. The operating rate of major refineries rose from 80.02% at the end of January to around 82.17%, which is at the historical average. The independent refineries changed little from the previous month. The domestic refined oil market closely follows the high - frequency fluctuations of crude oil. Affected by the post - poned demand, the supply and demand sides show structural differentiation characteristics. After the Spring Festival holiday, the performance of gasoline and diesel in Central China was weaker than expected, breaking the gasoline - diesel linkage rule. Gasoline is stronger than diesel, and the pattern of strong gasoline and weak diesel may continue in the first quarter [41]. 4. Profit and Valuation - In the profit aspect, in the past month, the cracking profit of overseas refined oil has shown a mild recovery from the low point. After mid - February, the refinery maintenance season and seasonal demand have become the main supporting factors. Diesel cracking is relatively strong and provides the main support, while gasoline cracking is weak or has limited recovery, so the recovery of the composite cracking is mainly driven by diesel. The strength of diesel is mainly due to the increased demand for heating oil in the northeastern US in the late winter, the maintenance of multiple devices in the US, Asia, and the Middle East, and the restricted heavy - oil exports [43]. - The market shows a complex pattern of "weak demand, strong supply, high inventory, and tense geopolitics". The IEA expects global oil demand to increase by 850,000 barrels per day in 2026, slightly higher than the 770,000 barrels per day in 2025, mainly contributed by non - OECD countries, especially China, India, and Southeast Asia. The growth driver has shifted from transportation fuels in 2025 to petrochemical raw materials in 2026. The supply is expected to increase by 2.4 million barrels per day to 108.6 million barrels per day in the whole year, with the increase evenly shared by OPEC+ and non - OPEC+ [47]. 5. Future Outlook and Strategy Recommendations - The crude oil surplus pattern is difficult to be falsified, and there is still pressure to accumulate inventory. In the short - term, the market is speculating on the possibility of the US launching a military strike on Iran. Geopolitical risks are the main driving force for the upward movement of oil prices. The Brent price is expected to fluctuate in the range of $65 - $72 per barrel this month, with a pattern of high at the beginning and low at the end, and the downward risk mainly comes from the extrusion of geopolitical premiums [50]. - Strategy recommendations: - **Unilateral**: High at the beginning and low at the end. - **Arbitrage**: Wait and see. - **Options**: Wait and see.

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - This week, crude oil prices fluctuated at high levels due to the Iranian situation, with the monthly spread declining and the North Sea Brent basis dropping to $1.005 per barrel. The first round of US - Iran nuclear negotiations on Friday was considered a good start by Iran, and a second round is expected in the coming days. Fundamentally, global oil inventories decreased this week. The US commercial crude oil inventory showed the impact of the cold wave, with a reduction of 3.455 million barrels and refined oil inventories down 5.553 million barrels. Saudi Arabia adjusted its official selling prices for Arab Light crude oil. In the short term, oil prices are still affected by the Iranian situation, and there is an oversupply in the global crude oil market in Q1 and Q2, which does not support high valuations. [5] 3. Summary by Relevant Catalogs 3.1 Daily News - US President Trump stated that aside from insisting on continuing negotiations with Iran to see if an agreement could be reached, no decisions were made during the meeting with Netanyahu. - JPMorgan expects Venezuela's oil production to reach 2 million barrels per day in the next few years. - Iran's Supreme Leader's advisor said Iran is in consultations with the US to determine the time for the next round of negotiations and that the US seems willing to reach an agreement. [3][4] 3.2 Inventory - According to the EIA report on February 6, US crude oil exports decreased by 308,000 barrels per day to 3.739 million barrels per day. - US domestic crude oil production increased by 498,000 barrels to 13.713 million barrels per day. - Commercial crude oil inventories excluding strategic reserves increased by 8.53 million barrels to 429 million barrels, a 2.03% increase. - The four - week average supply of US crude oil products was 20.827 million barrels per day, a 2.36% increase compared to the same period last year. - The US Strategic Petroleum Reserve (SPR) inventory decreased by 100,000 barrels to 415.2 million barrels, a 0.0% decrease. - US commercial crude oil imports excluding strategic reserves were 6.805 million barrels per day, an increase of 604,000 barrels per day compared to the previous week. [4] 3.3 Weekly View - Crude oil prices fluctuated at high levels due to the Iranian situation this week, with the monthly spread and North Sea Brent basis declining. - The first round of US - Iran nuclear negotiations on Friday was a good start, and a second round is expected soon. - Globally, total oil inventories decreased this week. In the US, commercial crude oil and refined oil inventories decreased. - Saudi Arabia adjusted the official selling prices of Arab Light crude oil for March. - In Singapore, all refined oil inventories increased; in ARA, crude oil inventories decreased, refined oil inventories decreased, and diesel and gasoline inventories increased. In China, both gasoline and diesel inventories increased. - In the short term, oil prices are affected by the Iranian situation, and the global crude oil market in Q1 and Q2 remains in an oversupply state, not supporting high valuations. [5]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The crude oil futures are expected to run strongly, with short - term and medium - term trends being oscillatory and the intraday trend being strong. The core logic is that the marginal improvement in supply - demand fundamentals provides solid support, and geopolitical risks are rising [1][5]. Group 3: Summary According to Related Catalogs 1. Time - cycle View - Short - term (within one week): The trend of crude oil 2604 is oscillatory [1]. - Medium - term (two weeks to one month): The trend of crude oil 2604 is oscillatory [1]. - Intraday: The trend of crude oil 2604 is strong [1]. 2. Driving Logic - Supply - demand fundamentals: OPEC+ eight major oil - producing countries announced to continue to suspend production increase in March 2026, maintaining the production level of December 2025, which eases the market's concern about oversupply. The US winter storm affects crude oil production, with last week's crude oil inventory decreasing by 3.5 million barrels and Cushing area inventory decreasing by 743,000 barrels, strengthening the bullish logic [5]. - Geopolitical factors: Due to the large differences between the US and Iran, the "pizza index" of the US Pentagon has risen again, and geopolitical risks have increased, boosting the upward trend of domestic crude oil futures on the night of last Friday [5].

Core Viewpoint - The international crude oil market is experiencing significant fluctuations due to geopolitical tensions in Iran, with Brent crude prices surpassing $70 per barrel and rebounding over $10 per barrel in less than a month, marking the strongest increase in six months [1] Supply and Demand Dynamics - Analysts indicate that the fundamental supply-demand balance in the global oil market remains loose, despite recent price increases reflecting high geopolitical risk premiums [1] - Iran's oil production is currently at 3.5 million barrels per day, with exports around 1.6 million barrels per day, and the Strait of Hormuz remains a critical chokepoint for global oil trade [1] - The supply-demand situation is characterized by short-term disruptions, such as unexpected outages in Kazakhstan's Tengiz oil field and temporary production declines due to extreme winter weather in the U.S., but these are viewed as temporary [2] - Long-term expectations suggest that OPEC+ may increase production after the first quarter, leading to a relatively ample global oil supply [2] Demand Trends - Demand for refined products shows structural differentiation, with diesel demand remaining relatively strong, while gasoline and diesel overall demand is weak [2] - The International Energy Agency (IEA) forecasts that the year-on-year growth rates for gasoline and diesel demand in 2026 will be only 0.3% and 0.8%, respectively, with global oil inventories expected to rise to relatively high levels [2] Market Outlook - Analysts predict that the substantial increase in oil prices driven by multiple factors will require monitoring for sustainability, as the impact of U.S. winter storms is temporary and Kazakhstan's oil production is recovering [3] - The overall outlook suggests that oil prices will remain under pressure due to a global supply surplus, with potential for rapid price spikes followed by quick corrections in response to geopolitical developments [3] - If geopolitical tensions ease, oil prices are expected to experience weak fluctuations [3]

Core Viewpoint - The international crude oil market is experiencing significant fluctuations due to geopolitical tensions in Iran, with Brent crude prices surpassing $70 per barrel and rebounding over $10 per barrel in less than a month, marking the strongest increase in six months [1] Supply and Demand Dynamics - Analysts indicate that the fundamental supply-demand balance in the global oil market remains loose, despite recent price increases reflecting high geopolitical risk premiums [1][2] - Iran's oil production is currently at 3.5 million barrels per day, with exports around 1.6 million barrels per day, and the Strait of Hormuz remains a critical chokepoint for global oil trade [1] - The supply side is expected to face temporary disruptions, such as unexpected outages in Kazakhstan's Tengiz oil field and short-term production declines due to extreme winter weather in the U.S., but these are viewed as transient [2][3] - Long-term expectations suggest that OPEC+ may increase production after the first quarter, leading to a relatively ample global oil supply [2] Demand Trends - Demand for refined products shows structural differentiation, with diesel demand remaining relatively strong, while gasoline and diesel overall demand is weak [2] - The International Energy Agency (IEA) forecasts that the year-on-year growth rates for gasoline and diesel demand in 2026 will be only 0.3% and 0.8%, respectively, with global oil inventories expected to rise to relatively high levels [2] Market Outlook - Analysts predict that the substantial increase in oil prices driven by multiple factors will require monitoring for sustainability, as the impact of U.S. winter storms is temporary and Kazakhstan's oil production is recovering [3] - The overall market is expected to remain under pressure due to a surplus in global oil supply, with geopolitical tensions likely causing rapid price spikes followed by quick corrections [3] - If geopolitical tensions ease, oil prices are anticipated to remain weak and volatile [3]

1. Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - Geopolitical risks are the core factors affecting the crude oil market. The escalation of US - Iran tensions may lead to supply disruptions and drive up oil prices. If the situation eases, the risk premium in oil prices may quickly disappear. The upside of oil prices may be limited if the situation does not further escalate, but short - term pulse - type price increases may occur due to unexpected events. It is recommended to track geopolitical developments [54] 3. Summary by Directory 3.1 Market Review - In January, the crude oil market was strong under geopolitical influence. At the beginning of the month, the US raid on Venezuela and the detention of President Maduro raised concerns about supply disruptions, supporting short - term price increases. Then, the US hinted at relaxing sanctions on Venezuela, causing a drop in oil prices. Subsequently, rising Middle - East geopolitical risks, such as Trump's military threat to Iran and the deployment of US warships, pushed up oil prices again [7] 3.2 Macroeconomic Analysis 3.2.1 Geopolitical Tensions - The US detained Venezuelan President Maduro and his wife. A large number of US military planes flew to Europe, and Iran strengthened its combat readiness. Trump is considering new major strikes against Iran. As the US completes military deployment in the Middle East, the risk of intensified geopolitical tensions is rising. The way of US military intervention will determine the impact on oil prices [10] - The US, Russia, and Ukraine held their first tripartite talks, but there were still significant differences on the issue of Ukrainian territory. The situation is expected to continue with a combination of fighting and negotiation, and the direct impact on oil prices is currently limited [11] 3.2.2 OPEC+ Production Policy - OPEC+ continued to suspend production increases in January and reaffirmed the plan to pause production increases in the first quarter. The total OPEC+ crude oil production in December decreased compared to November. The suspension of production increases and over - quota cuts support oil prices. Attention should be paid to the potential impact of rising oil prices and Middle - East tensions on OPEC+ production policies [14] 3.2.3 Federal Reserve Policy - The Federal Reserve paused interest rate cuts, but there were internal disagreements. The Fed upgraded its assessment of the US economy. Powell said that interest rate cuts depend on the labor market. Although the market has priced in the pause of rate cuts, expectations of future rate cuts may rise due to Trump's potential appointment of a new Fed chairman [17] 3.3 Supply - Demand Analysis 3.3.1 Supply - OPEC's crude oil production increased in December, but the growth rate slowed down. After the end of the first - quarter production - increase suspension, attention should be paid to changes in OPEC+ production policies [18] - US crude oil production decreased from the previous month as of January 23, and is expected to remain stable at a high level [21] - The number of US oil rigs decreased slightly, and it is expected to remain at a low level [24] 3.3.2 Demand - In December, the US manufacturing PMI decreased and was below the boom - bust line, which suppressed crude oil demand to some extent. The US refinery utilization rate decreased seasonally, but is expected to rise in the second quarter [26][31] - In December, China's manufacturing PMI increased and was above the boom - bust line. The production side was relatively stable, but the demand side was weak. The operating rates of Chinese refineries showed a differentiation trend, and overall domestic crude oil consumption is expected to slightly improve [39][43] 3.3.3 Inventory - The US EIA crude oil inventory faced the pressure of seasonal accumulation. The Cushing crude oil inventory decreased slightly, and the gasoline inventory reached an inflection point [48][52]

Group 1 - The core event involves the U.S. military action against Venezuela, leading to the capture of President Maduro and his wife, with the U.S. stating it will "manage" Venezuela until a "safe" transition occurs [1] - Venezuela, despite having the largest proven oil reserves globally (approximately 300 billion barrels, accounting for 17% of the world's total), currently produces only about 1 million barrels per day, which is roughly 1% of international supply [1][2] - The impact of Venezuela's situation on global oil prices is expected to be limited due to its small share in the global market and the nature of its oil, which requires extensive processing to be marketable [2] Group 2 - The core factors influencing international oil prices remain supply and demand dynamics, with predictions indicating a continued oversupply situation through 2026, driven by geopolitical factors and a shift towards renewable energy sources [2] - In contrast, the gold market is experiencing increased demand as investors seek safe-haven assets, with gold prices reaching new highs recently [3] - Central banks are projected to increase their gold purchases, with an expected net buying of 950 tons in 2026, which supports the bullish outlook for gold prices [3]

Core Viewpoint - The impact of U.S. military actions against Venezuela on oil prices has eased, with investors shifting focus to the supply and demand fundamentals of crude oil, leading to a general expectation of sufficient supply in the oil market by 2026 [1] Group 1: Oil Price Movements - On Tuesday, February futures for light crude oil on the New York Mercantile Exchange closed at $57.13 per barrel, reflecting a decline of 2.04% [1] - March futures for Brent crude oil in London settled at $60.70 per barrel, showing a decrease of 1.72% [1]