<div id="readability-page-1"><div><div><p><em>Authored by Michael Ball, Bloomberg macro strategist,</em></p><p>Oil has chopped around all week, <strong>caught between Ukraine headline volatility and a building 2026 supply surplus that should cap rallies</strong> and turn geopolitical spikes into shorter bursts.</p></div></div></div>

<p>作者：迈克尔·鲍尔，彭博社宏观策略师，油价本周波动不定，受到乌克兰新闻波动和逐渐形成的 2026 年供应过剩的影响，这将限制油价上涨并使地缘政治的冲击变成短暂的波动</p>

地缘政治的波动正在与石油的结构性过剩故事展开对抗