Markets

Futures prices for ICE Brent, NYMEX WTI, and DME Oman crudes rose for the fourth consecutive week during the period ending July 21.

The main price drivers for futures prices for ICE Brent, NYMEX WTI, and DME Oman crudes during the period ending July 14 included a weakening US dollar, data showing mild inflation in the US, forecasts for higher oil demand, and the ongoing OPEC+ output cuts.

The Kingdom's previously announced 1MM-b/d production cut was scheduled to begin on July 1, pushing sentiment to the bullish side.

Signs of tightening oil supplies helped to push futures prices higher for ICE Brent, NYMEX WTI, and DME Oman crudes but persistent concerns over interest-rate hikes prevented stronger week-on-week gains.

After market watchers had been feeling more positive about China's demand recovery in the previous period, data on the country's factory and retail sectors that was released during the week ending June 23 painted a less-rosy picture.

Even though China's central bank reduced a short-term interest rate and the US Federal Reserve did not raise its target interest rate (for the first time in over a year) when they met during the week ending June 16, the European Central Bank did increase its interest rate.

Despite early-week news of Saudi Arabia's intention to further cut its output, concerns over the global economic recovery dragged futures prices down for ICE Brent, NYMEX WTI, and DME Oman crudes over the week ending June 9.

A slow start on Monday due to a US holiday was followed by two days of sharp price drops in oil futures amid concerns about economic troubles.

A huge, unexpected drawdown of US crude inventories and mixed messages from OPEC+ leaders pushed prices higher over the week ending May 26 for benchmark crudes ICE Brent, NYMEX WTI, and DME Oman.

Day-on-day gains on Monday and Wednesday were large enough to make up for losses on the other three days of the week ending May 19.