NY Fed: Oil prices fell owing to a decrease in demand
|"A drop in global demand expectations drove the decline in oil prices this past week despite the continued tightening of anticipated supply," the Federal Reserve Bank of New York said in its Oil Price Dynamics Report on Monday.
Key quotes
- In 2018:Q2, increasing demand expectations and decreasing anticipated supply led to rising oil prices.
- Developments in global demand expectations since 2017:Q3 have reversed the largely supply-induced weakness in oil prices throughout the first half of 2017.
- Overall, since the end of 2014:Q2, both lower global demand expectations and looser supply have held oil prices down, though this trend seems to have reversed in 2016:Q2 and 2016:Q4, and notably since 2017:Q3.
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