Crude prices hovered near recent levels as investors weighed mixed supply signals against persistent surplus forecasts. Commentary around OPEC+ production plans and inventory builds contrasts with agency projections calling for a sizeable 2025–26 glut. Positioning reflects a market torn between near-term supply tweaks and macro demand uncertainty. Traders say contango risks warrant caution for producers and refiners, while consumers may benefit from capped price pressures. Energy equities remain sensitive to guidance on capex, dividends and buybacks with valuations tracking the commodity’s range-bound trend.