Markets

The producers group unexpectedly announced a 1.16MM-b/d reduction in its collective output target on April 2, and oil prices soared in response.

A disruption to crude exports from Iraqi Kurdistan remained in focus throughout most of the week ending March 31, keeping traders' attention on the possibility of supply tightness.

The easing of concerns related to banking systems as well as a dip in the value of the US dollar supported a recovery in petroleum futures from losses during the previous week.

The failures of two US banks—Silicon Valley Bank (SVB) on March 10 and Signature Bank on March 12—shook equities markets and dragged commodities, including oil, down as well.

Despite day-on-day increases for ICE Brent, NYMEX WTI, and DME Oman crudes on Monday and Friday, the futures contracts lost around 3% over the week ending March 10 as traders focused on the possibility of sharper interest-rate hikes by the US Federal Reserve.

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.