<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：邁克爾·鮑爾，彭博社宏觀策略師，油價本週波動不定，受到烏克蘭新聞波動和逐漸形成的 2026 年供應過剩的影響，這將限制油價上漲並使地緣政治的衝擊變成短暫的波動</p>

地緣政治的波動正在與石油的結構性過剩故事展開對抗