Over the past week, an increase in anticipated supply offset higher anticipated demand, resulting in lower oil prices. In 2019:Q4, oil prices rose owing to an increase in demand.
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, whereas in 2019:Q2-Q3 higher anticipated supply drove prices down.
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.
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