Oil prices rose this week owing to lower supply.
- Over the past week, lower anticipated supply offset lower demand expectations, resulting in higher 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.