After seven months of decline, prices firmed in trading sessions last week, then fell again. Financial market participants interpreted the firming as a positive  BIS central bankers’ speeches  3  development. A number of oil and gas sector analysts forecast that global petroleum supplies will exceed demand through the first half of the year.
The dollar has appreciated by 13 percent on a trade-weighted basis since last June. Exports in the fourth quarter seem to have been negatively affected by the dollar’s rise.