Warren Patterson, head of commodity strategy at ABN AMRO, and Ewa Manthey, a commodity strategist, said that colder weather in parts of the northern hemisphere may stimulate oil demand, so market sentiment remains optimistic. Despite the strengthening of the US dollar and high US bond yields, the oil market continued to rise in 2025. A weakening of the European currency against the US dollar usually results in lower demand for oil; however, market participants are increasing investment in crude oil and other commodities as the macroeconomic environment appears less favorable. “Investors are turning to tangible assets to hedge against continued inflation risks and growing fiscal debt concerns, as well as the risk that tariffs disrupt normal trade dynamics,” the Saxo Bank strategy team said in the report. Bjarne Schieldrop, chief commodity analyst at Sweden's Nordic Bank, said: “The current strength of crude oil may be a true picture of the balance between supply and demand in the global oil market, not just a passing moment.”

Warren Patterson, head of commodity strategy at ABN AMRO, and Ewa Manthey, a commodity strategist, said that colder weather in parts of the northern hemisphere may stimulate oil demand, so market sentiment remains optimistic. Despite the strengthening of the US dollar and high US bond yields, the oil market continued to rise in 2025. A weakening of the European currency against the US dollar usually results in lower demand for oil; however, market participants are increasing investment in crude oil and other commodities as the macroeconomic environment appears less favorable. “Investors are turning to tangible assets to hedge against continued inflation risks and growing fiscal debt concerns, as well as the risk that tariffs disrupt normal trade dynamics,” the Saxo Bank strategy team said in the report. Bjarne Schieldrop, chief commodity analyst at Sweden's Nordic Bank, said: “The current strength of crude oil may be a true picture of the balance between supply and demand in the global oil market, not just a passing moment.”