U.S. jobs news indicated the economy was slowing, meaning less chance of another large interest rate increase, and the dollar jumped.
[1] Oil rose for the next two weeks, with Brent ending at $87.63 and WTI at $81.31, with loosening of restrictions in China a big reason, along with expectation of smaller interest rate increases.
The European Union's cap and its ban on Russian oil were believed to have had influence, but gains were limited by low Chinese demand, increased U.S. unemployment claims and high inventories.
[4] Positive U.S. economic news, higher U.S stockpiles and lower stock prices helped oil fall for a second week, with Brent hitting $84.18 and WTI at $77.52.
[5] In spite of higher U.S. inventories, because of Russia's plans to decrease output, WTI climbed 2 percent to $75.39 on February 23 after falling for 6 straight days.
Factors included, unexpected production cuts by OPEC and others along with an International Energy Agency forecast of higher demand, as well as less concern about U.S. banks and a lower U.S. rig count.
Recession fears and concern over banks outweighed the lowest U.S. crude production since November and the highest demand for fuel since December.
[16] Oil fell again the next week, with Brent finishing at $74.17 and WTI at $70.04, with a strong dollar and concerns about the U.S. debt ceiling as major factors, plus fears of a recession and its effect on demand.
[17] The next two weeks, oil went up, with Brent finishing May 26 at $76.95 and WTI at $72.67, with the possibility of a solution to the U.S. debt crisis cancelling out concern that OPEC and others would not continue production cuts.
Slow growth in Europe and the possibility of the European Central Bank raising interest rates limited gains.
[18] On June 1, with the U.S. debt ceiling deal passed by the House, WTI went up the most in one day in nearly a month to finish at $70.10, and Brent rose to $74.65 after its biggest gain in two weeks.
[20] The next week prices went up due to high demand in China and cuts by OPEC and others, cancelling out concerns over the world economy and interest rate increases in England and Europe.
[27] Brent finished July at $85.43 and WTI at $81.80, both the highest since April for the third day, and the biggest increase for a month since January 2022, with expectations of lower supply and higher demand.
Saudi Arabia agreed to continue production cuts, while Russia was reducing exports, while demand was expected to increase.
[30] After two weeks of declines, continuation of production cuts by Saudi Arabia and lower exports by Russia led to oil reaching its highest level in over six months.
[34] During the first full week of October, both WTI and Brent fell by the largest percentage for a two-day period since May, with the decline on the first of those days the most in more than a year.
Both gained the most for a day since April on October 13, with both climbing nearly 6 percent after fears the 2023 Israel–Hamas war could worsen and sanctions on some tankers carrying oil from Russia.
[44] Despite a fall in prices due to negative economic news leading to expectations of lower demand, oil rose the next week for the first time in two months, with Brent finishing at $76.55 and WTI at $71.43.
[45] Good U.S. economic news and Houthi attacks on ships helped oil increase for a second week, with Brent finishing at $79.07 and WTI at $73.56.
[34] Oil rose for the first week of 2024 due to the Israel-Hamas War threatening to become a larger conflict, and positive U.S. economic news.
Higher demand with lower U.S. stockpiles and Ukrainian attacks on Russian refineries accompanied an increase in U.S. oil rigs and a stronger dollar.
Fourth quarter 2023 U.S. economic growth was more than expected, and inflation data made lower interest rates less likely until late in the year.
[57] During the final week of May, oil fell for two days in a row, with low demand and high stockpiles in the United States.
[59] The next week oil jumped 4 percent with Brent finishing at $82.62 and WTI at $78.54, with high demand forecasts a big reason, despite lower confidence in the U.S. economy by consumers.
[60] On June 20, Brent reached $85.89, highest since May 1 after U.S. crude inventories fell and a U.S. jobs report made cutting interest rates more likely.
While demand for gasoline was high, a negative economic report from the U.S. did not change expectations for lower interest rates in the future.
[71] However, on the same day, despite an increase in crude inventories, oil jumped due to the chance Hurricane Francine would interrupt production.
Oil jumped the last day of the month due to new fears of actions by Iran and possible delays in increased output.
[79] Lower Chinese demand and the chance of fewer U.S. interest rate cuts contributed to oil falling 2 percent on November 15.
[84] Oil fell more than 2 percent in the third week of December with Brent finishing at $72.57 and WTI at $69.12 due to concerns about whether Chinese demand was expected to increase.