- This article is a chronology of events affecting the oil market. For a discussion of the energy crisis in the same period, see the energy crisis of the 2000s and the Impact of the energy crisis of the 2000s. For current fuel prices, see Use and price of gasoline.
From the mid-1980s to September 2003, the inflation-adjusted price of a barrel of crude oil on the NYMEX was generally under $ 25/barrel. Then, during 2004, prices rose above $ 40, and then $ 50. A series of events led the price to surpass $ 60 on August 11, 2005, leading to a record speed increase of $ 75 in mid-2006. Prices then dropped back to $ 60/barrel in early 2007 before rebounding sharply. to $ 92/barrel in October 2007, and $ 99.29/barrel for December futures in New York on November 21, 2007. Throughout the first half of 2008, oil regularly hit record highs. Prices on June 27, 2008, touched $ 141.71/barrel, for August delivery on the New York Mercantile Exchange, amid Libya's threat to cut production, and OPEC president estimates prices could reach $ 170 in the Northern summer. The highest recorded price per barrel of $ 147.02 maximum was reached on July 11, 2008. After falling below $ 100 at the end of summer 2008, prices rose again in late September. On Sept. 22, oil rose more than $ 25 to $ 130 before settling again to $ 120.92, marking a one-day record profit of $ 16.37. Electronic crude oil trading is temporarily halted by the NYMEX when the $ 10 daily price increase limit is reached, but the limit is reset a few seconds later and trading resumes. On October 16, prices fell again to below $ 70, and on November 6 oil closed below $ 60. Then in 2009, prices rose slightly higher, although not as far back as the 2005-2007 crisis, exceeding $ 100 in 2011 and most of 2012. Since late 2013 oil prices have fallen below the $ 100 mark, falling below the $ 50 mark a year later.
As the price of petroleum production did not rise significantly, the price increase coincided with a record profit period for the oil industry. Between 2004 and 2007, profits from six supermarkets - ExxonMobil, Total, Shell, BP, Chevron, and ConocoPhillips - totaled $ 494.8 billion. Similarly, large oil-dependent countries such as Saudi Arabia, the United Arab Emirates, Canada, Russia, Venezuela and Nigeria benefit economically from the surge in oil prices during the 2000s.
Video World oil market chronology from 2003
2003
The price of US crude oil averaged $ 30 per barrel in 2003 due to political instability in various oil-producing countries. Up 19% from the average in 2002. The 2003 Iraq invasion marked an important event for the oil market as Iraq contains a large amount of global oil reserves. The conflict coincides with an increase in global demand for petroleum, but also reduces current Iraq oil production and has been blamed for rising oil prices. However, the CEO of oil company Matthew Simmons stressed that peaking and declining oil exports in Mexico, Indonesia and the UK is the reason why prices are gobbling up. According to Simmons, separate events, such as the Iraq war, affect short-term prices but do not specify long-term trends. Simmons cites the use of improved oil recovery techniques in large areas such as Mexico Cantarell, which retained production for several years until it eventually declined. Pumping oil out of Iraq can reduce oil prices in the short term, but will not be able to reduce prices constantly. From Simmons's point of view, the invasion of Iraq was linked to a long-term increase in oil prices, but could reduce oil production by keeping some of Iraq's oil reserves. As a direct consequence, oil production capacity is reduced to 2 million barrels (320,000 m 3 ) per day.
Maps World oil market chronology from 2003
2004 to 2008: rising oil prices
After retreating for several months in late 2004 and early 2005, crude oil prices rose to new highs in March 2005. Prices in NYMEX have been above $ 50 a barrel since March 5, 2005. In June 2005, crude oil prices broke through the barrier psychological $ 60 per barrel.
From 2005 onwards, the price elasticity of the crude oil market changed significantly. Prior to 2005, small increases in oil prices led to a significant expansion in production volumes. Then the price goes up letting production grow only by a small amount. This is the reason for calling 2005 a tipping point.
After the destruction of Hurricane Katrina in the United States, gasoline prices hit record highs during the first week of September 2005. Average retail prices, on average, $ 3.04 per US gallon. The average retail price of a liter of gasoline in the UK is 86.4p on October 19, 2006, or $ 6.13 per gallon. Oil production in Iraq continues to decline due to the ongoing conflict in the country resulting in a decrease in production to 1 million barrels per day (160,000 m 3 /d).
In mid-2006, crude oil traded over USD 79 per barrel (bbl), setting an all-time record. This increase is attributed to a 1.9 in increase in gasoline consumption, geopolitical tensions resulting from North Korea's missile launch. The ongoing Iraq war, as well as Israel and Lebanon going to war are also factors. Higher oil prices substantially reduced global oil demand growth in 2006, including a fall in OECD oil demand. After news of North Korea's successful nuclear test on October 9, 2006, oil prices rose past $ 60 a barrel, but fell back the following day.
On October 19, 2007, light US crude rose to $ 90.02 a barrel due to a combination of ongoing tensions in eastern Turkey and a diminishing US dollar strength. Prices fell briefly on expectations of an increase in US crude reserves, but quickly rose to a peak of $ 92.22 on Oct. 26, 2007.
On January 2, 2008, US light crude exceeded $ 100 a barrel before falling to $ 99.69 due to tensions on New Year's Day in Nigeria, and on suspicion that US crude stockpiles will fall for the seventh consecutive week. A BBC report from the following day declared a sole trader bidding on prices; Stephen Schork, a former floor trader at the New York Mercantile Exchange and editor of the oil market bulletin, said a one-story merchant bought 1,000 barrels (160 m 3 ), the smallest amount allowed, and immediately sold for $ 99.40 with losses of $ 600. Oil fell back at the weekend to $ 97.91 at the close of trading on Friday, January 4, partly due to a weak jobs report showing unemployment has risen.
On 5 March 2008, OPEC accused the United States of "economic mismanagement" that pushed oil prices to record highs, rejected calls for increased production and blamed the George W. Bush administration. Oil prices jumped above $ 110 to a new inflation-adjusted record on March 12, 2008 before settling at $ 109.92. On April 18, 2008, oil prices broke $ 117 a barrel after the Nigerian militant group claimed an attack on the oil pipeline. Oil rose to a new high of $ 119.90 a barrel on April 22, 2008, before dipping and then rose $ 3 on April 25, 2008 to $ 119.10 on the New York Mercantile Exchange after news reports that a vessel was contracted by the Military Sealift Command US fired on Iranian ships.
On June 6, prices rose $ 11 in 24 hours, the biggest rise in history due to a possible Israeli attack on Iran. The combination of two major oil suppliers reducing supply raises fears of a repeat of the 1973 oil crisis. Saudi Arabia's decision in mid-July to boost oil production caused little significant effect on prices. According to Iran's Islamic Republic oil minister Gholam-Hossein Nozari, saturated world markets and Saudi promises of increased production will not lower prices. Some Asian refineries refuse Saudi oil by the end of June because the price is too expensive.
On July 3, "Brent North Sea crude oil futures for August delivery rose to $ AS145.01 a barrel" in Asian trade. London Brent crude reached a record $ 145.75 a barrel, and Brent crude for August delivery hit a record high of $ 145.11 a barrel on the ICE Futures Europe London exchange, and to $ 144.44 a barrel on the NYMExchange. By midday in Europe, crude rose to $ 145.85 a barrel on the NYME while Brent crude futures rose to a record $ 146.69 a barrel on the ICE Futures exchange.
2008: oil prices hit $ 145.85 then under $ 32
On July 15, 2008, a belligerent sell-off began after President Bush's announcement the day before that the oil drilling ban would be lifted. This sparked a $ 8 decline, the biggest since the first US-Iraq war. By the end of the week, crude oil fell 11% to $ 128, also influenced by tensions between the US and Iran. On August 13, the price dropped to $ 113 a barrel. In mid-September, oil prices fell below $ 100 for the first time in more than six months, falling below $ 92 after the collapse of Lehman Brothers.
A stronger US dollar and a possible fall in European demand are suggested to be one of the causes of the decline. On Oct. 24, crude oil prices fell to $ 64.15, and closed at $ 60.77 on Nov. 6. By the end of December 2008, oil prices had reached $ 32.
2009
In January 2009, oil prices rose temporarily due to tensions in the Gaza Strip. From mid-January to February 13, oil prices fell near $ 35 a barrel.
2010
On May 21, 2010, oil prices fell within two weeks from $ 88 to $ 70 mainly due to concerns about how European countries will reduce the budget deficit; if the European economy slows down, this means less crude demand. Also, if the European economic crisis causes the US economy to experience problems, the demand for oil will decrease further. Other factors include strong dollar and high inventories. According to the US Energy Information Administration, the national gas price averaged $ 2.91 on May 10, dropping to $ 2.79 two weeks later. The Deepwater Horizon oil spill is not a factor of gas prices because the well has not yet produced.
Prices rose back to $ 90/barrel in December 2010. The US average for a gallon of 87 octane regular seamless average of $ 3.00/gallon on Dec. 23, sparked fears of a second recession if prices hit $ 100/barrel and $ 4.00/gallon of gasoline, as predicted for spring 2011. Price increases in December are based on global demand and Arctic explosions affecting North America and Europe.
2011
The political turmoil in Egypt, Libya, Yemen and Bahrain pushed oil prices to $ 95/barrel by the end of February 2011. A few days earlier, the NYMEX oil price closed at $ 86. Oil prices hit $ 103 on Feb. 24 where oil production was limited for political upheaval in Libya.
Oil supplies remain high, and Saudi Arabia guarantees an increase in production to counter the closure. However, the Middle East and North Africa crisis caused oil prices to rise to the highest level in two years, with gasoline prices trailing. Although most of Libya's oil goes to Europe, all oil prices react. The average price of gasoline in the United States increased 6 cents to $ 3.17. On March 1, 2011, a significant drop in Libyan production and fears of instability in other countries pushed oil prices more than $ 100 a barrel in New York trading, while the average gas price reached $ 3.37. Despite Saudi promises, the country's acid-exported oils can not replace the more desirable Libyan oil. As of March 7, 2011, the average gas price has reached $ 3.57, people are making changes in their driving.
A weakening US dollar generated a jump to $ 112/barrel with a national average of $ 3.74/gallon - in the hopes of damaging the US economy that implies a long-term recession. On April 26, the national average was $ 3.87 - with a fear of $ 4/gallon as the national average before the summer driving season.
The national average rose on May 5, 2011 for the 44th day, reaching $ 3.98. However, on the same day, West Texas Intermediate crude fell below $ 100 a barrel, the lowest since March 16. This came after crude oil for June delivery hit $ 114.83 on May 2, the highest since September 2008, before closing at $ 97.18 on May 6, a day after declining 9 percent, the most dramatic one-day decline in more than two years. Gas prices fell slightly on May 6, and experts forecast $ 3.50 a gallon in the summer.
In mid-June, West Texas Intermediate crude for July delivery fell nearly $ 2 to $ 93.01, the lowest price since February. The dollar rose and the euro and other currencies fell, and the European economic crisis left investors worried. London Brent crude fell 81 cents to $ 113.21. On June 15, the Energy Information Association said oil consumption fell 3.5 percent from a year earlier, but wholesale gasoline demand rose for the first time in weeks. Gas prices on June 17 were $ 3.67.5 a gallon, 25.1 cents lower than the previous month, but 96.8 cents above the previous year. On June 24, the gas price was $ 3.62.8 and is expected to be much lower due to the opening of the Strategic Oil Reserve. US oil prices fell below $ 90 before rising again, and Brent crude fell 2 percent. However, on June 29, West Texas's intermediate crude oil has risen to $ 94.96, almost $ 5 above the lows achieved after last week's action. One reason is the falling dollar, as Greece seems less likely to default; concerns over Greece's debt crisis have led to a collapse in oil prices. After one week, oil for August delivery rose from $ 90.61 to $ 98.67 and gas prices rose five cents. Rising world demand is one reason. Brent Crude remains high at $ 118.38 in part due to supply problems in Europe, including lower North Sea production and sustained war in Libya.
On Aug. 4, oil prices fell 6 percent to the lowest level in six months. On August 5, prices have fallen $ 8.82 in a week to $ 86.88 a barrel on the New York Mercantile Exchange. The same pessimistic economic news that caused falling stock prices also lowered energy demand is expected, and experts predict a 35 cents per gallon of gasoline from an average of $ 3.70. On Aug. 8, oil fell more than 6 percent, the biggest decline since May, to $ 81, the lowest price this year. On September 24, oil hit $ 79.85, down 9 percent for the week, due to concerns about another recession and the world economy as a whole. The average gas price is $ 3.51, with a prediction of $ 3.25 in November, but it's under $ 3 in some markets.
During October, oil prices rose 22 percent, the fastest pace since February, as worries over the US economy declined, leading to a $ 4 prediction by early 2012. On Nov. 8, the price reached $ 96.80. Gas prices do not keep up with the rise, due to lower demand generated from the economy, the normal decline in travel, lower oil prices in other countries, and cheaper winter blend production. The average rose slightly to $ 3.41 but a $ 3.25 prediction was made.
2012
An oil shortage could happen if Iran closes the Strait of Hormuz, where one fifth of the oil travels are exported, as a result of sanctions due to the country's nuclear policy. Oil prices remain close to $ 100 throughout January due to concerns over inventories, and Europe's debt situation. The average gas price was $ 3.38 on Jan. 20, up 17 cents from the previous month. Another factor is the closure plan for refineries in the US and Europe due to lower demand. In early February, the national average was $ 3.48, though oil prices were at $ 98, the lowest in six weeks, and US demand was the lowest since September 2001. On February 20, the benchmark March crude oil hit $ 105, 21, the highest in nine months. This comes one day after the Iranian oil ministry announced a halt to sales to British and French companies; although this will have little impact on supply, fear generates a higher price. Also, approval of a bailout plan for Greece is expected, and China's actions to increase the money supply are likely to stimulate the economy. Brent crude rose 11 percent for the year to $ 119.58 on Feb. 17, with cold weather in Europe and higher Third World demand, and West Texas Intermediate crude rose 19 percent to $ 103.24. The average gas price is $ 3.53. On February 29, the average was $ 3.73. The average reached $ 3.94 in early April, and on April 24, $ 3.85 compared to $ 3.86 a year earlier; it's been two years since gas prices are lower than the previous year. Crude oil prices fell; West Texas Intermediate was $ 103.55 a barrel, down from over $ 107 at the end of March, and Brent Crude was $ 118.16 after peaking above $ 128 in March. On May 7, the benchmark US crude oil hit $ 95.34, the lowest price this year, after voters in France and Greece toppled government officials who will cut spending to resolve the debt crisis. Benchmark oil in New York actually rose for two straight days in early June, to $ 84.29. With the highest US oil supplies since 1990, gas reached $ 3.57 on June 5. After falling again to the lowest price since October 2011, Benchmark crude rose 5.8 percent to $ 82.18 on June 29, with Brent crude rising 4.5 percent to $ 95.51. European bailout efforts include lending money to banks, reducing the chances of failure. Also, European countries decided not to buy Iranian oil. The gas price was $ 3.35, the lowest since January 6. On July 17, Benchmark Crude reached $ 89.22 and Brent crude $ 104 after good economic news in the United States. Gas rose to $ 3.40.
On August 7, California refinery fires contributed to a surge in oil futures prices. Other refinery problems, pipeline leaks, concerns about Iran, the crisis in Syria, the North Sea issue, and Tropical Storm Ernesto all contributed to a 20 percent jump in oil prices in six weeks. Gas prices hit $ 3.63 but are not expected to be much higher. The good economic news in the United States contributed to oil reaching its highest price since May 17, with Benchmark Crude reaching $ 96.01, while Brent crude fell slightly to $ 113.71.
Early September, a mixture of bad economic news from the United States and good economic news from Europe caused oil prices to fall slightly. On September 4, Benchmark Crude hit $ 95.41, with Brent crude at $ 114.84. Gas prices fell slightly to $ 3.82 but still the highest for Labor Day weekend. Hurricane Isaac contributed to a temporary surge in gas prices, but on September 12 gas once again rose, to $ 3.86, as refineries slashed production before shifting from a summer gasoline mix to a winter mix. Benchmark Crude also reached its highest level since early May and continued rising above $ 99 after the Federal Reserve's announcement of actions to boost the economy and attacks the diplomatic mission 2012. Brent crude oil edged up to almost $ 116. In early October, the average gas price was $ 3.78 and fell, though still a record for that month. The end of the month, averaging $ 3.62 after declining 13 cents a week, the most since November 2008. Brent crude fell $ 8 in the previous month. In early November, the average was $ 3.54, in part due to lower demand after Hurricane Sandy. Crude oil futures fell after Barack Obama was re-elected on Nov. 6. After Thanksgiving, lower US oil inventories, good economic news in the United States and good news related to the Greek bailout helped push Brent crude up to $ 111.04, and benchmark oil for January delivery to $ 87.92; the benchmark oil hit $ 86.24 on Nov. 28, and gas was $ 3.41.
On December 13, Brent crude fell to $ 109.20, while benchmark oil fell slightly on concern the US fiscal cliff and rose as the Federal Reserve's efforts to help the US economy ended the day at $ 86.77. In mid-December, gas prices hit $ 3.25, the lowest for 2012. Oil traded between $ 84 and $ 90.
2013
On January 17, with good economic news in the United States, Benchmark oil reached its highest level since September, surpassing $ 95. Brent crude rose above $ 110. Gas was at $ 3.29.
The closure of oil refineries led to dramatic increases in gas prices. Late in February, gas was at $ 3.78, up 14 cents from a week earlier. On 25 February, with European stock markets running well, Benchmark crude for April rose above $ 94 after a significant drop the previous week as Federal Reserve news may end its stimulus efforts, making the dollar stronger. Brent crude was over $ 115. Two days later, gas reached its highest point, $ 3.79 a gallon. In mid-April, with low demand expected on negative economic news, gas fell to $ 3.56 as Brent crude fell to $ 103.04, the lowest price since July. With economic problems around the world leading to low demand, gas prices fell 3 percent in April, the most in a month in ten years, to the lowest level for the month since 2010.
Prior to Memorial Day, when gas was $ 3.63, gas supplies fell even though oil supplies were the highest in 35 years. US economic news is also negative. On May 30, benchmark crude for July edged up to $ 93.61 after falling the previous day, and Brent crude fell slightly to $ 102.19. On June 5 oil prices rose again with lower inventories. Benchmark crude rose above $ 94. The gas price was $ 3.62. On June 12, the International Energy Agency said oil demand will keep rising in 2013, but not as much as previously believed due to the economy. Also, May's OPEC production is the highest in seven months. Benchmark crude fell slightly to $ 95.31, and Brent crude rose to $ 103.27. On June 20, with the Federal Reserve saying that its stimulus program could end if the US economy continues to improve, as well as economic problems in China, Benchmark crude fell below $ 97. Brent crude fell to $ 104.24.
On July 10, oil prices were the highest in more than a year as a result of lower inventories and problems in Egypt. In the past week, Brent crude has risen 7 percent to $ 108.51. Because too much oil is produced for infrastructure to handle it, West Texas Intermediate is lower than Brent crude for several years; has returned consistent with Brent. On July 5 it reached $ 103.22. On July 19 with good economic news in the United States, Benchmark crude reached $ 108.05, while gas was $ 3.67, the highest on Friday since March 22. Brent crude was at $ 108.07. Gas was $ 3.63 on Aug. 1, although good economic news in the US, China and Europe meant oil would rise again after the previous week's decline. The benchmark crude hit $ 107.89, while Brent crude was $ 109.54. On Aug. 16, Benchmark oil was $ 107.46 after six days of gains as Egypt's troubles continued. The problem is access to the Suez Canal, which does not seem to be a problem but is still a company concern. Brent crude was $ 110.48 on Aug. 19. On August 28, West Texas intermediate reached $ 110.10, the highest since May 2011, and Brent crude reached $ 116.61, its highest point since February 19, on concerns about US involvement in Syria. Meanwhile, inventories in the United States experienced the biggest increase in four months. Benchmark crude rose to $ 107.56 on Sept. 11 due to lower supplies after falling because of hopes for a Syrian peace solution; Brent crude rose to $ 111.50.
Gas was $ 3.59 at the beginning of the month, but by the end of September, gas prices were $ 3.39, the lowest for the whole year since 2010. The New York Mercantile Exchange price on September 27 was $ 102.87. Refineries do not have hurricanes or other problems. Benchmark crude fell to $ 103.31 on Oct. 3 after the close of the US government, and Brent crude was $ 109. On Oct. 21, Benchmark crude was $ 99.22, the first time under $ 100 since July. Higher inventories and fewer threats from the Middle East are the reason. Brent crude is $ 109.64 and gas reaches $ 3.35. On November 13, Brent crude reached $ 107.12 and $ 13.24 higher than West Texas Intermediate, the biggest difference since April, due to problems in Libya and sanctions against Iran. On Nov. 25, Benchmark crude fell to $ 93.92 while Brent crude hit $ 110.41 after an agreement on Iran's nuclear program. On December 16, Benchmark crude rose to $ 97.44 and Brent crude reached $ 110.53 with good economic news from Europe and more Libya problems. Gas $ 3.23, three cents higher than a month earlier. On December 27, due to a better economy in the United States leading to higher demand, oil closed about $ 100 for the first time since October. Gas $ 3.27, two cents below the previous year.
2014
On Jan. 2, Benchmark crude fell the most in a day since November 2012 to close at $ 95.44. Brent crude is $ 107.78. Gas is $ 3.33. With the Iranian agreement and increased production from Libya and the North Sea, Benchmark oil is around $ 92 on January 13 and Brent crude is $ 105.98. After good economic news from Japan, Benchmark crude fell slightly from its 2014 high close, $ 98.23 on Jan. 30. Brent crude fell to $ 107.25. The difference between the two dropped below $ 10 for the first time since November, partly due to cold weather in the United States resulting in high demand for heating oil. Gas in early February was $ 3.27. Cold weather causes oil prices to stay above $ 100 for most of February, but lower prices are expected. With fourth-quarter economic growth the United States is expected to be lower than initial estimates, Benchmark crude fell slightly on Feb. 27 to $ 102.40, with Brent crude reaching $ 108.61. On March 24, due to a dispute over the Crimea, problems in Libya, and the crash of the Houston Ship, Benchmark crude rose above $ 100 and Brent crude rose to $ 107.41. Economic problems in China keeps prices up. This weekend, good economic news from the United States, lower oil supplies in Oklahoma and force majeure by Nigerian Shell pushed prices slightly higher, to $ 102.12 for the benchmark crude and $ 108.29 for Brent. On April 7, Benchmark crude fell below $ 101 and Brent crude fell to $ 105.64 with news that Libya might open more terminals in May, but more Ukrainian problems pushed prices back on April 8. Gas is $ 3.59, matching the level in 2013.
Continued Problems Ukraine pushed oil higher on April 24, with Benchmark crude at $ 101.94 and Brent crude at $ 110.33, although the April 23 report said US oil supplies were higher than expected. The gas price was $ 3.68.5, the highest since March 2013. On April 30, Benchmark crude fell below $ 100 for the first time in three weeks as oil supplies continued to rise and cold winters unusually cold resulted in US economic news. negative. Gas rose 14 cents for the month, the most in three years. More problems Ukraine pushed the benchmark crude above $ 100 and Brent crude more than $ 108 on May 12, and further problems in Libya helped boost Benchmark crude by more than $ 102 and Brent crude by more than $ 110 on May 15 , despite negative economic news in the US and an unexpected rise in oil stockpiles pushing the benchmark crude back for a while. Continuing concerns over Ukraine and Libya pushed oil back above $ 104. Gas prices were $ 3.65.
Problems in Iraq resulted in higher oil and gas prices in June. West Texas crude reached $ 106 and Brent crude oil $ 115.75. At the end of the month, benchmark crude oil was just over $ 105, while Brent crude oil dropped below $ 113. The gas price was $ 3.66.
After three weeks of losses, US crude fell below $ 100 for the first time since May 15th. However, with Middle Eastern and Ukrainian issues sending oil higher, Benchmark crude finished July 18 just above $ 103, with Brent crude staying above $ 107. With low demand and abundant supplies, and despite good economic news from China and the United States, Brent crude fell below $ 107 on July 24, and US crude fell to $ 102.10. On July 28, gas prices were $ 3.52, down five cents from the previous week, as refineries cut prices. Two weeks later gas was $ 3.48, less than a year earlier. And on August 14, sweet sweet oil was $ 95.58, the lowest since January, while Brent crude reached $ 102.01, the lowest since June, after falling most in a day since January. Production in Libya is rising, and economic slowdown is forecast in Europe and China, making lower prices possible.
On Labor Day, gas is $ 3.41, 18 cents lower than in 2013. Low demand and high North American production cancel the effects of problems in the Middle East and Ukraine. West Texas crude was below $ 94 on Aug. 27 and Brent crude was below $ 103. On October 16, West Texas crude fell below $ 80 for the first time in more than two years, while Brent crude hit $ 82 , 60, the lowest since November 2010. OPEC members are not expected to act as an increase in US supplies resulting from high oil shale. production is added to the surplus worldwide. On October 31, the average gas price reached $ 3 and is expected to fall below that figure for the first time since December 2010. Demand for oil is down and there are many new sources. US oil production rose 70 percent since 2008, and Iraq and Canada are producing more. According to a December 7 Lundberg survey, gas fell 12 cents from two weeks earlier to $ 2.72. Demand is low while production is high, and a strong dollar contributes. With low demand in China and Europe and OPEC decided not to reduce, West Texas Intermediate reached $ 63.50 on December 8, the lowest since July 2009, while Brent crude reached $ 66.90, a level not seen since October 2009. After Saudi oil minister Ali Al-Naimi said OPEC members could not cut their own production, oil prices rose slightly on Dec. 18 but ended the day lower with Benchmark crude at $ 54.11 and Brent crude $ 59.27, both the lowest since May 2009. Gas is $ 2.49 per gallon. Days later the gas was $ 2.38, the lowest in five years, after 89 consecutive days of declines, the longest continuous decline according to AAA. Oil prices fell 50 percent since April, while gas fell 36 percent. Economic problems in Europe and Asia, high mileage, strong dollar, higher US production and no action by OPEC have been credited.
On December 12, 2014, the benchmark Brent and WTI crude oil prices reached the lowest price since 2009. Brent crude oil and all type of Crude Oil fell to US $ 62.75 per barrel for January delivery on London-based ICE Futures. European stocks and futures for West Texas Intermediate (WTI) for the January settlement fell to $ 58.80 a barrel in electronic trading on the New York Mercantile Exchange (NYME). This represents a 40 percent decline in 2014. CIBC reports that the global oil industry continues to produce large quantities of oil regardless of the stagnant crude oil market. Oil production from the Bakken formation is forecast to grow by 600,000 barrels annually by 2016. By 2012, Canada's rigid oil and oil sands production has also soared.
In June 2014, crude oil prices fell by about a third as US shale oil production increased and Chinese and European demand for oil declined. Despite the huge global supply surplus, on November 27, 2014 in Vienna, Saudi Oil Minister Ali al-Naimi blocked requests from poorer member states of OPEC, such as Venezuela, Iran and Algeria, for production cuts. The benchmark European crude oil, Brent, fell to US $ 71.25, the lowest in four years. Al-Naimi believes that the market will be left to repair itself, this will put pressure on US companies to reduce the fracture operation. OPEC has a "long-lasting price-holding policy". OPEC is ready to let Brent oil prices fall to $ 60 to slow US chip production. Despite economic problems in member countries, al-Naimi reiterated his Saudi actions on December 10, 2014. By the end of 2014, as demand for global oil consumption continues to decline, the growth of oil output is very rapid in light, the oil production is tight in North Dakota Bakken, Permian and Eagle Ford Basins in Texas, while rejuvenating economic growth in "US refining, petrochemical and related transportation industries, railways & pipelines, the unstable international oil market."
2015
On Jan. 16, Brent crude rose as high as $ 50.16 before falling back, and the International Energy Agency said production fell due to lower prices and higher prices likely to be delayed by 2015. West Texas Intermediate, down 10 percent for the month, closed at $ 48.48 on Jan. 14 after closing at $ 45.89 the previous day. Gas is $ 2.12.
After January 23, King Abdullah's death caused concerns about the future, West Texas Intermediate rose as high as $ 47.76 and Brent crude reached $ 49.80.
From January 30 to February 3, oil rose 20 percent, but on Feb. 4, US crude oil prices fell 8.7 percent to $ 48.45, the most in a day since Nov. 28, 2014. Brent crude fell from $ 59 to $ 54 two weeks after reaching $ 45. The US inventory was the highest since 1982, while the dollar recovered from its "worst day in more than a year".
Despite high inventories, Brent crude reached a 2015 high on February 17, closing at $ 62.53 after hitting $ 63. The Middle East issue, particularly Libya, contributed to the increase. Fighting in Ukraine is also a factor.
By late February, with the factories turned into a summer mix, the gas price was $ 2.37, up from $ 2.03 in January. Other factors include the explosion at the Torrance, California plant and a strike involving steel workers in 20 factories.
On March 13, oil fell 5 percent with a total fall of 10 percent during the week. The benchmark crude hit $ 45.16 and Brent crude was $ 56.24. Inventories are on the rise and prices are expected to fall until changes by refineries for the summer. Gas reached $ 2.46 March 7 but fell to $ 2.44 a week later. The US inventory was the highest since the recording was kept, but on March 18, with the Federal Reserve showing that interest rates will not rise rapidly, oil prices increased 6 percent.
Brent crude rose 16 percent in April, reaching $ 64.95, the highest price for 2015, on April 16. US crude was $ 56.62 on April 17. The reason is the decline in the estimated production of shale oil in the United States and the war in Yemen. Gas is $ 2.41, up a cent a week.
On May 5, gas reached $ 2.63 after climbing for 19 days; gas rose faster than oil, which peaked at 2015, $ 61.10 for US crude and $ 68.40 for Brent crude, before settling at $ 60.40 and $ 67.52 respectively. The dollar was lower but different sources conflicted with whether US stocks dropped for the first time in 2015, or rose as before.
West Texas Intermediate closed slightly higher at $ 58.98 on May 19, and Brent crude rose slightly to more than $ 65 as US supply, still near record, dropped while the refinery increased production. On May 26, gas was $ 2.74.
On June 10, West Texas Intermediate reached $ 61.43, the highest price since December. Demand is expected to remain high, but OPEC production also remains high. Brent crude is $ 65.70 while gas is $ 2.76.
On July 1, with US inventories rising for the first time in two months, US benchmark oil fell most in one day from April 8 to $ 56.26, the lowest since April 22, while Brent crude fell to $ 62.01. Gas is $ 2.77.
Oil fell about $ 10 in July as the US dollar was strong, inventories high, and the Chinese stock market fell. By the end of the month, Brent crude reached $ 53.31, nearing a six-month low, while US crude, at $ 48.52, neared a four-month low, and gas at $ 2.69. A week later, with high supply and summer driving in the United States ending, oil fell below $ 45, close to a six-year low reached in March. Brent crude is under $ 50. Gas is $ 2.64.
On August 11, US crude reached $ 43.08, its lowest price since February 2009. Brent crude was below $ 50. Gas $ 2.59. On Aug. 26, US crude reached $ 38.60, again its lowest price since February 2009, before jumping more than 10 percent the next day to $ 42.56 for the biggest one-day increase since March 2009. Brent crude rose 10 percent to $ 47. US inventories fall dramatically, especially in Cushing, Oklahoma. Gas is $ 2.56, the lowest at this time in 2004, although the refinery's problems make it lower.
During August, Brent hit a low of $ 42.23 and US crude was as low as $ 37.75. Then US crude jumped 28 percent in 3 days, the most since 1990. Brent crude also rose 28 percent above $ 54, the highest in a month.
On Sept. 11, Goldman Sachs forecast a continued surplus and fall in prices, and US crude fell to $ 44.74 while Brent crude hit $ 47.93. Gas is $ 2.37.
The decline in supply from Cushing, speculation about the Federal Reserve's action on interest rates, and US aid to the Kurds in Syria contributed to the rise in US crude to $ 47.15, while Brent was $ 50.
On September 25, the gas price was $ 2.29. On September 29, with US crude inventories up and Cushing's inventory falling more slowly, West Texas Intermediate ended at $ 45.23, with Brent crude down to $ 47.97.
After the International Energy Agency's forecast of high inventories for next year, US crude fell the most in a week in more than two months, ending October 15 below $ 47, and Brent crude suffered its biggest loss for a week in nearly two months, just under $ 50 on October 16. With Middle Eastern countries generating more oil than is needed and Iran is expected to add more as a result of a nuclear deal, as well as slow growth in China, US crude fell below $ 46 on October 19 and Brent crude reached $ 48.51 beginning October 20th. Gas $ 2.25.
On November 4, prices fell by more than 3 percent as a result of higher US inventories and US output, before rising slightly, Brent crude recovered to $ 48.76 and West Texas Intermediate hit $ 46.37. Gas is $ 2.19, the lowest for the whole year since 2004.
On Nov. 19, US crude fell below $ 40, and Brent crude sank below $ 44. Gas was $ 2.13. Higher demand, winter weather in the United States and a pledge by Saudi Arabia to work towards stable prices sent West Texas Intermediate back over $ 42 and Brent crude for more than $ 44 on Nov. 23.
In the first week of December, Brent crude fell to $ 42.43 and US crude slipped below $ 40 after the first OPEC said it would increase production and then decide not to make any changes. Another factor is the weaker dollar and the strong Euro.
On December 11, oil prices dropped to $ 35.62. The next day, the gas was $ 2.02, the lowest in more than six years.
On December 21, Brent crude fell as low as $ 36.35 a barrel; this is the lowest price since July 2004. US crude rose slightly to $ 36.14. Gas down below $ 2 for the first time since 2009.
On Dec. 30 with US supplies still high, light sweet crude fell to $ 36.60, while Brent crude hit $ 36.46. Oil ended the year down 30 percent.
In early 2015, US oil prices drop below $ 50 a barrel barrels Brent oil to a price below $ 50 as well.
Steve Briese, a commodity analyst, had forecast in March 2014, a fall in world prices to $ 75 from $ 100, based on 30 years of extra supply in early December 2014 projected a low of $ 35 a barrel. On Jan. 8, 2015, commodity hedge fund manager Andrew J. Hall suggested that $ 40-a-barrel is close to "absolute prices," adding that large amounts of US and Canadian production can not cover the cash costs to operate at that price.
In mid-January 2015, Goldman Sachs forecast the benchmark US oil to average $ 40.50 per barrel and Brent to an average of $ 42 per barrel in the second quarter. For this year, Goldman sees Brent prices averaging $ 50.40 and for the US benchmark, $ 47.15 per barrel by 2015, down from $ 73.75.
According to Bloomberg Business, the efficiency of the newer shale oil wells using hydraulic fracturing in the United States, combined with upfront drilling and construction costs of US $ 12 million, provides incentives for oil producers to continue to flood the already ravaged market with oil price shortages regardless of the limitations of crude oil storage. Many inefficient and less productive old wells are closed but these shale oil wells continue to increase production while generating profits in markets where crude oil prices are as low as US $ 50 per barrel.
On April 16, the WTI price hit a high of $ 56.52 for 2015 after a monthly publication review by the Organization of Petroleum Exporting Countries where it was reported that oil production in the United States had peaked and would begin to decline in the third quarter thereby reducing global satiety crude oil.
From December 6-7, WTI crude oil prices fell about five percent, closing below $ 40 for the second time in a year, as OPEC refused to cut output. This met with a negative reaction in the stock market, causing DJIA and S & P 500 performs a net negative process for 2015.
By the end of 2015, members of the Organization of Petroleum Exporting Countries (OPEC), Venezuelan Oil Minister Eulogio del Pino and Goldman Sachs analyst Michele Della Vigna suggest that oil could reach $ 20 a barrel, even with a 15% probability, and that is only temporary. Lord Browne, a former chief executive of BP, did not rule out when asked if oil could reach $ 20 a barrel. He added: "In the long run, $ 20 may be wrong, but that's as far as I can."
On December 11, WTI crude oil prices hit a seven-year low, setting about $ 35 for the day. Again various stocks are shifting now, erasing the previous day's rally.
On Dec. 21, WTI crude oil prices hit an eleven-year low, as it fell below $ 34 a barrel for the first time since 2009.
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On January 6, 2016, WTI crude oil prices hit an eleven-year low, as prices fell to 32.53 per barrel for the first time since 2009. On January 12, on the seventh day, crude fell below $ 30 for the first time since December 2003, ending the day at $ 30.44, as gas fell below $ 1.97. Brent crude reached $ 27.10 on Jan. 20, the lowest since November 2003. Oil rose again before falling Jan. 25, with Brent crude reaching $ 30.86 and US $ 30.68. After OPEC pushed production cuts and US GDP data suggested a few fewer interest rate increases, US oil had a four-day rally to finish in January at $ 33.62. Brent is $ 34.74. Gas was $ 1.81, the lowest since January 2009. A February 7 meeting between Ali al-Naimi of Saudi Arabia and Eulogio Del Pino of Venezuela failed to produce the desired result, and oil fell the next day, with Brent crude at $ 33, 53 at midday and the US crude at $ 30.27.
On February 11, US crude reached $ 26.21 after reaching $ 26.05, its lowest price since May 2003. Oil the following day rose 12.3 percent to $ 29.44, the most in a day since February 2009. Investors want to be ready when prices start to rise. Also, OPEC is "ready to cooperate" on lower production.
On Feb. 22, US benchmark crude rose 6.2 percent to $ 31.48 and Brent crude rose 5.1 percent to $ 34.69 after news that supply was expected to grow at a slower pace. By the end of the week, WTI rose 3 percent to $ 32.78, and Brent rose 7 percent to $ 35.12 after rising as high as $ 37, the most since Jan. 5. Blackout pipelines in Nigeria and Iraq, lower number of active US rigs. , and lower gasoline inventory for the first time since November is the reason. Gas was $ 1.73, down 10 cents from the previous month, but by switching to a summer mix in California, gas was $ 2.34 and on the way back up.
After inventories fell faster than expected, US crude was $ 37.94 on March 9, while Brent crude rose again to $ 40.84 after six straight days and the highest level in three months the previous day and then down 3 percent because of concerns about too much oil. Prices rose 25 percent after major oil producers said they would maintain supplies at the January level.
After reducing the number of rigs for 12 weeks, US manufacturers added one rig with oil to 50 percent. With gasoline demand rising, Brent crude reached its highest level this year at $ 42.54 before falling to $ 41.20 on March 18 in four consecutive weeks. US crude also hit a high of $ 41.20 before falling to $ 39.44, ending its fifth consecutive week higher. Gas $ 2.02, up 17 cents in 2 weeks.
On March 31, US crude reached $ 37.57, the lowest since March 31, as the country's supply reached a record for the seventh week. Brent crude is $ 38.81.
In the first week of April with a weak dollar, oil jumped 7 percent, with Benchmark crude reaching $ 39.72 and Brent at $ 41.94. The following Tuesday, Brent reached $ 43.58, the highest this year.
With a planned meeting of oil producers to discuss keeping output where it was, on April 15, oil fell more than 3 percent, with US crude reaching $ 40.33 by midday and Brent at $ 42.82.
With high demand in the US, lower production worldwide and oil field problems, rising for the third week in a row, with Brent crude rising 4.5 percent this week to $ 45.11 and West Texas Intermediate more than 8 percent at $ 43.73.
On April 26, US inventories fell after analysts forecast an increase in supply, and the dollar weakened. US crude rose 3 percent to $ 44.04 while Brent crude rose to $ 45.74.
Fire in Canada, attacks in Nigeria, and Zika's economic and virus problems in Venezuela led to supply problems and the highest price in seven months on May 16. With US inventories down more than expected, WTI reached $ 49.56 on May 25, the highest. since October. Brent crude is $ 49.74.
On June 7, with the dollar lower and interest rates not expected to rise after US economic news, Benchmark crude closed more than $ 50 for the first time since July 21. Brent crude is $ 51.44.
With the June 23 vote of the United Kingdom to leave the European Union, US oil fell $ 2.05 to $ 48.06 and Brent crude fell $ 2.13 to $ 48.78.
Gas $ 2.29 on June 30, the lowest for July 4 holiday in 13 years.
On July 7, although stocks dropped, they were not as low as forecast, and US crude oil reached $ 47.20, down 4.7 percent. Brent crude reached $ 46.27, the lowest since May 11.
For the week ending July 15, crude inventories fell, but gasoline supplies rose. After gains on July 20, the WTI fell to $ 44.75 and Brent crude fell to $ 46.20. Gas is $ 2.19, the lowest since 2004 at that time of year.
On Aug. 5, the WTI fell to $ 41.52 as the dollar rose as a result of better-than-expected US jobs news, while Brent crude fell to $ 43.95. Oil prices have fallen more than 20 percent since June and rose earlier this week. In the week ending August 12, Benchmark crude rose 6.4 percent, and it surpassed $ 45 on August 15. Brent crude is $ 47.59. Gas is $ 2.12.
On Aug. 31, US government data showed an increase in oil supply that was higher than expected, and predicted that inventories would remain high. If the Fed raises interest rates, higher dollar and lower oil prices will result. US crude fell to $ 43.16 on Sept. 1, the lowest level in three weeks. Brent reached $ 45.52. Oil has climbed 11 percent for the month in hopes that OPEC will limit production.
Colonial Pipeline lost its main pipeline on September 9 after a leak. On September 19, the national average rose 2 cents to $ 2.20, although some regions, especially in the Southeast, experienced an increase of 20 to 30 cents. The pipeline re-operates after the completion of the bypass on 21 September.
On September 23, Brent crude fell slightly to $ 45.89 in anticipation of OPEC's Sept. 26 meeting. On Sept. 29, the WTI rose to $ 47.83 and Brent crude reached $ 49.24 after OPEC's decision to lower production produced its biggest gain since April.
Oil ended higher in September for a second month. With a strong dollar after improvement in the US economy, and a weak stock market, West Texas Intermediate fell Oct. 3 after reaching $ 48.87, its highest point since July 5. Brent crude fell after reaching $ 50.90, the highest in six weeks.
On Oct. 10, with Russia planning to join OPEC and Algeria say the other should, Brent crude reached its highest point in a year at $ 53.73, while WTI reached $ 51.60, the highest since June 9. A week later, with high supply and added US production capacity, WTI fell just below $ 50 and Brent crude ended the day at $ 51.16. With lower inventories, on October 19, WTI reached $ 51.93, the highest since July 2015, while Brent crude reached $ 53.14.
Following the October 29 meeting by OPEC members and non-members on a deal to limit output yields only in an agreement to meet again on November 30, and with high inventories at Cushing, Brent crude reached $ 48.17, the lowest since Sept. 29, and WTI down to $ 46.86, the lowest since Sept. 27.
A stronger and higher-than-expected US dollar and world supply led to an end to rising prices on Nov. 17, with US crude at $ 45.52 and Brent crude at $ 46.26. Oil then reached its highest point in three weeks on Nov. 21, with Brent crude up 11 percent a week, reaching $ 49, after Saudi Arabia began trying to persuade other OPEC countries to participate in its plan, while WTI reached $ 47.80. OPEC countries met on Nov. 30 and agreed to limit output for the first time since 2008. As a result, Brent crude was more than $ 50, the highest in a month, while West Texas intermediate stops just under $ 50.
Brent reached $ 57.89 and US crude oil reached $ 54.51 on Dec. 12, both the highest since July 2015, after Russia and other non-Opec countries also agreed to limit production. For the week ending December 16, US oil inventories, which are expected to fall, actually rose. The WTI fell to $ 52.49 and Brent crude ended Dec. 21 at $ 54.46.
On December 27, the first day of trading after Christmas, with output reductions beginning Jan. 1, Brent crude reached $ 56.09 and US CLc1 crude reached $ 53.90. With continued US supply increases and a nine-week increase in oil rigs, oil dropped slightly by the end of the week, with WTI ending the year at $ 53.72 for a 45 percent gain, and Brent at $ 56.82, up 52 percent. Both gains are the biggest since 2009.
2017
Despite the promises of lower output from other countries, there is no evidence of visible changes. The US output is higher. Also, China's economic problems cause concerns. Brent crude fell 3 percent in the second week of the year to $ 55.45. The WTI fell to $ 52.37 for a loss of nearly 3 percent. On Jan. 18, with a strong dollar and higher US production expectations, Brent crude fell to $ 53.92 and WTI to $ 51.08. With US production and inventories rising, even a lower dollar and declining production by OPEC countries did not cause oil prices to rise as much as they could. WTI reached $ 53.07 and Brent crude was $ 55.44 on Jan. 26.
On Feb. 8, the US Energy Information Administration reported the second largest increase in oil supply, a day after WTI hit $ 52.17 and Brent hit $ 55.05, the lowest in three weeks for both, thanks to a strong dollar. However, prices moved higher on Feb. 8. With US supply increases and OPEC plans to continue to reduce production, oil ends next week down, with WTI at $ 53.40 and Brent crude at $ 55.81.
On February 22, Qatar's oil minister Mohammed Saleh Al Sada said countries that are not at OPEC did not cut output as much as expected, and oil fell as a result. The continuing increase in US crude inventories also contributed to the decline, with WTI at $ 53.59 and Brent at $ 55.76.
After US inventories hit a record in late February, oil prices fell for a third straight day and closed at their lowest level in almost a month, with WTI at $ 52.61 and Brent at $ 55.08. Oil continued to fall, with Brent crude reaching $ 51.50, the lowest since Nov. 30, on March 9, a day after a 5 percent decline, the most in a single day of the year. The WTI fell more than 5 percent on March 8 and closed at $ 49.28 the following day, the lowest since November. The WTI fell to $ 47.36 on March 14, while Brent crude reached $ 50.25, before lower inventories led to higher prices. Crude inventories hit a record but gasoline inventories fell more than expected and summer gasoline demand is expected to rise, so while the WTI fell to more than $ 47 on March 22, it completed the day at $ 48.04. Brent crude fell below $ 50 but rebounded to $ 50.64. On March 30 with Kuwait's support to continue OPEC production cuts, US crude rose above $ 50 for the first time in three weeks, with Brent crude reaching $ 52.92. Despite high US crude inventories while gasoline inventories moved lower, prices continued to rise, reaching their highest point since March 8 on April 6, with WTI reaching $ 51.70 and Brent crude $ 54.89. After Saudi Arabia announced plans to resume production lower than the first half of 2017, on April 12, WTI reached $ 53.36 and Brent crude reached $ 56.40. On April 14, gas was $ 2.41, up 33 cents from a year earlier.
On April 19, oil fell 3.8 percent with news of an unexpected rise in US gasoline supplies and news that US crude supplies fell less than it should be with the highest production since August 2015. WTI remains above $ 50 while Brent crude is closed. just under $ 53. On April 24, the WTI fell below $ 50 and Brent crude closed at $ 51.60 as doubts about OPEC expanded production cuts and a statement by Russia that it would boost production.
Despite plans to extend production cuts, on May 4, oil fell to its lowest level since November, with the WTI falling to $ 45.52 and Brent crude reaching $ 48.26. But with news that Saudi supplies to Asia are less than expected, and with US inventories falling most since December, and although higher production from non-OPEC countries reduced demand for OPEC oil, Brent crude ended at $ 50.72 on May 11 and US lights of crude oil rose more than 1 percent to $ 47.83.
With hopes of further production cuts, Brent crude rose for a second week and WTI completed May 18 at $ 49.35, its highest close since April 26. On May 25, all nations agreed to continue cuts but Brent crude still fell 4 percent. And despite the sharp decline in US inventories, oil fell another 1 percent on June 2, with Brent crude reaching $ 50.25 and WTI down to $ 47.91.
On June 9, Brent crude was at $ 47.67, down 12 percent from May 25, and WTI was at $ 45.44, down 11 percent, with production limits having no expected effect as inventories continue to rise. OPEC actually increased production and on June 14, Brent crude fell to $ 48.25 and WTI to $ 45.94. Excessive supplies worldwide and high US production led to a fourth straight week down as Brent crude finished June 16 at $ 47.37 and WTI rose to $ 44.74, a day after oil hit a six-month low. Prices rose slightly on news that although American producers added the rig for a 22-week record, the rate of increase slowed, and some countries began to export less.
With production increases in Nigeria and Libya, although US supplies of oil and gasoline fell, Brent crude edged up to $ 44.91 after reaching its lowest point since November, and WTI hit $ 42.53, the lowest since August, on June 21. With US inventories again rising and gasoline supply rising despite demand rising, Brent crude fell to $ 46.32 and WTI hit $ 43.86 on June 28.
After eight days of gains due to the expected end in US production increases, Brent crude fell to $ 49.43 and WTI to $ 46.85 on July 4. On July 7, although US oil and gasoline inventories fell at the end of June, with OPEC and both. US production rose, Brent crude fell to $ 47.53 and WTI to $ 44.95. The following week Brent crude rose 3.5 percent to $ 48.24 and WTI 4 percent to $ 45.98 as US inventories continued to fall and US production forecasts were cut, despite high oil inventories, cutting profits from earlier this week; Sanford C. Bernstein speculated that OPEC countries may not make the intended cuts. On July 31, Brent crude reached $ 52.93, its highest point since May. With record demand reported in the United States and lower inventories along with good news on US jobs but resuming high production from OPEC countries, on Aug. 4, WTI ended the week at $ 49.58 and Brent crude reached $ 52.42 after nearly reaching a 10-week high earlier in the week. Both fell by less than 1 percent during the week.
Oil reached its highest level in two and a half months on Aug. 9 but OPEC and liberate Nigeria and Libya reported an increase in output, and oil fell 1.5 percent, with WTI back below $ 50 at $ 48.62 and Brent crude at $ 51 , 91 the next day.
Oil fell 2.5 percent, more than expected, on Aug. 14. The next day's WTI start was $ 47.65 and Brent crude was $ 50.79, both up slightly. Lower production by Libya and China are reported, and a stronger dollar is generated from North Korea which delayed the decision to fire missiles into Guam.
On August 23, oil
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