Oil Prices Declined Week of Aug. 10

Oil prices fell this week owing to lower demand and higher supply.

  • Over the past week beginnign Aug. 10, 2019, lower demand expectations and higher anticipated supply resulted in lower oil prices. In 2019:Q2, oil prices fell due to increasing supply.
  • In 2018, strengthening global demand expectations drove oil prices higher. This trend reversed in 2018:Q4, when weaker expected demand and higher anticipated supply lowered prices. In 2019:Q1, oil prices rose due to increasing demand expectations.
  • Overall, between 2014 and 2017, both lower global demand expectations and higher anticipated supply held oil prices down. Since mid-2017, this trend has reversed as stronger demand expectations and stabilizing anticipated supply have driven oil prices higher.