Oil prices fell over the past week owing to higher supply and lower demand.
Over the past week, increases in supply expectations combined with lower demand led to a fall in oil prices. In 2022:Q3, oil prices fell as declining global demand reduced price pressure.
In 2022:Q2, oil prices increased as decreased anticipated supply offset decreased demand expectations. In 2022:Q1, oil prices increased as decreased anticipated supply offset lower demand expectations. In 2021:Q4, oil prices decreased as increased anticipated supply outstripped the effect of an improving demand outlook. In 2021:Q3, oil prices rose owing to increased demand and decreased supply. Rising demand expectations were the main cause of higher oil prices in 2021:Q1 and 2021:Q2. In 2020:Q1, oil prices plummeted owing to decreased demand and increased supply, while in 2020:Q2, oil prices rose owing to increased demand. Increased supply led to falling oil prices in 2020:Q3. This reversed in 2020:Q4, as oil prices rose owing to increased demand and decreased supply.
Overall, between 2014 and 2017, lower global demand expectations and higher anticipated supply held oil prices down. This trend has reversed since mid-2017, as stronger demand expectations and stabilizing anticipated supply drove prices higher. This lasted until 2018:Q4, when weaker demand lowered prices. Oil prices rose in 2019 due to increasing demand expectations.