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LONDON (ICIS)–Benchmark crude prices may be subject to bearish pressure this week as recession concerns heighten and tight supply is eased.

Fears the US Federal Reserve will return to more aggressive interest rate hikes has clouded the demand outlook.

However, the US Department of Energy have stated they will release an additional 26m barrels of oil from their Strategic Petroleum Reserve. This countered news that Russia will cut its oil output in March.

But with the Strategic Petroleum Reserve at its lowest level since 1983, will this have the desired impact on oil prices?

ICIS market experts highlight this week’s five main crude oil price drivers.

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