石油：逐步放松为基本情景 – 华侨银行

石油：逐步放松为基本情景 – 华侨银行

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华侨银行（OCBC）外汇策略师沈慕祥和黄志伟重申其脆弱的石油供需平衡观点，指出布伦特原油因停火乐观情绪跌破100美元/桶，但仍受到高企的地缘政治风险和霍尔木兹海峡脆弱性的支撑。

华侨银行（OCBC）的外汇策略师沈慕祥和黄志伟重申其脆弱的石油供需平衡观点，指出布伦特原油因停火乐观情绪跌破100美元/桶，但仍受到地缘政治风险升高和霍尔木兹海峡脆弱性的支撑。价格受到中国需求疲软和美国强劲出口的限制，但该行的基本预期仍认为油价将在2026年下半年逐步回落，结构性风险溢价和库存积累将带来一定的粘性。

布伦特受限但下行空间有限

“停火乐观情绪推动布伦特跌破100美元/桶，但地缘政治风险依然高企，供应不确定性和霍尔木兹海峡的脆弱性限制了价格的下行空间。”

“价格受到中国买盘疲软、美国强劲出口和库存减少的限制，尽管这种缓冲是暂时的，可能在数月内消退。”

“我们的基本预期仍是价格将在2026年下半年回落，但由于结构性风险溢价、库存积累以及伊朗干扰供应能力的存在，价格仍将保持一定的粘性。”

（本文借助人工智能工具撰写，并由编辑审核。）

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