Investing.com - Worries about a broadening global economic slowdown which could threaten demand for crude are likely to have the biggest impact on oil markets in the week ahead.
Oil traders will also be keeping abreast of the next round of trade talks between the U.S. and China to see if any more news materializes ahead of a March 1 deadline on new tariffs.
The U.S. and China are the world’s two largest oil consuming nations. Economists are worried that the ongoing trade dispute between the world's two biggest economies will drag on global growth and, by extension, erode energy demand.
Besides trade rhetoric, market players will focus on monthly reports from OPEC and the International Energy Agency (IEA) this week to assess global oil supply and demand levels.
Fresh data on U.S. commercial crude inventories and production activity will also capture the market's attention this week.
Oil futures settled slightly higher on Friday, but dropped by nearly 5% for the week as worries over a global economic slowdown dominated sentiment.
"It seems that macro risk still prevails over constructive supply fundamentals in the oil market," Harry Tchilinguirian, global head of commodity markets strategy at BNP Paribas (PA:BNPP), told the Reuters Global Oil forum.
U.S. West Texas Intermediate crude ended Friday's session up 8 cents, or around 0.15%, at $52.72 a barrel on the New York Mercantile Exchange.
For the week, the U.S. benchmark lost 4.6%, its worst weekly loss this year.
Meanwhile, international Brent crude on the ICE (NYSE:ICE) Futures Europe exchange tacked on 47 cents, or around 0.7%, to settle at $62.10 a barrel. It fell about 1% for the week.
After ending 2018 in freefall, oil prices have rallied approximately 16% to start the year, boosted by OPEC-led supply cuts and U.S. sanctions against Venezuela.
But recent signs of a weakening global economy have renewed concerns about a slowdown in energy demand.
Ahead of the coming week, Investing.com has compiled a list of the main events likely to affect the oil market.
Tuesday, Feb. 12
The Organization of Petroleum Exporting Countries will publish its monthly assessment of oil markets.
Later in the day, the American Petroleum Institute is to publish its weekly update on U.S. oil supplies.
Wednesday, Feb. 13
The International Energy Agency will release its monthly report on global oil supply and demand.
The U.S. Energy Information Administration will release its weekly report on oil stockpiles.
Friday, Feb. 15
{{0|Baker Hughes}} will release weekly data on the U.S. oil rig count.
-- Reuters contributed to this report