Crude oil prices held their gains from the first week of the year into this week, fuelled by severe cold weather across Europe and the US and hopes that the latest round of stimulus announced by the Chinese government would do the trick and revive oil demand.
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Oil prices have fallen again this week, now the fourth consecutive weekly price drop as global stock markets failed to fully recover from Monday’s losses when recession fears sent global markets into a freefall.
Despite a surge in oil prices this week on expectations of a major escalation in the Middle East, the benchmarks were set for their fourth weekly loss in a row as demand concern outweighed the war premium.
Crude oil prices are on track for a third weekly loss in a row, pressured by the perception of weaker-than-desired Chinese demand.
Oil prices fell this week, putting them on track for a second weekly decline, as a strong dollar and mixed economic signals weighed on investor sentiment.
