Markets

Bullish sentiment pushed futures prices for ICE Brent, NYMEX WTI, and DME Oman crudes higher on four of the five days of the week ending March 3.

While hopes persisted for a demand recovery in China (the world's second largest oil consumer behind the US) as it emerges from coronavirus-related restrictions, concerns about economic recovery in other regions kept a lid on oil prices over the week ending Feb. 24.

The resumption of oil exports from the Turkish port of Ceyhan and indications of ample supply in the US left the bears in charge throughout most of the week ending Feb. 10.

While the deadly earthquakes that devastated Turkiye and Syria on Feb. 6 left oil infrastructure largely undamaged, there were some problems with the Baku-Tbilisi-Ceyhan (BTC) pipeline's control room at the Turkish port of Ceyhan.

With more interest-rate hikes from central banks in the West during the week ending Feb. 3, prices for ICE Brent, NYMEX WTI, and DME Oman posted the sharpest losses in four weeks.

Early in the week ending Jan. 27, prices for ICE Brent, NYMEX WTI, and DME Oman were supported by positive sentiment related to the economic reopening of China, which was seen as boosting demand.

While the week-on-week increases as of Jan. 20 were smaller than those in the week ending Jan. 13, ICE Brent, NYMEX WTI, and DME Oman all reached highs on Jan. 20 that had not seen since Nov.

After the previous week's rout, futures prices for ICE Brent, NYMEX WTI, and DME Oman registered strong recoveries over the week ending Jan. 13.

A Reuters poll of 30 market watchers showed that price forecasts for Brent and WTI were downgraded by 4.6% and 3.4%, respectively, from projections in a Nov. survey.

Most petroleum futures prices rose over each of the weeks through Dec. 23 and Dec. 30, but the larger uptick was seen in the first week, when Winter Storm Elliott disrupted the US oil industry (as well as other sectors) with freezing temperatures and precipitation throughout large areas of the country.