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Jul 7, 2021 · Global crude prices rose to a multiyear high on Monday off the news that there was no deal. Then they plunged on Tuesday and Wednesday, wiping out weeks' worth of gains.
- Camila Domonoske
Apr 20, 2020 · Demand for oil has all but dried up as lockdowns across the world have kept people inside. As a result, oil firms have resorted to renting tankers to store the surplus supply and that has...
Nov 19, 2021 · Oil prices are falling today and there’s a couple of reasons why that investors are going to want to know about! Source: Shutterstock The drop in oil prices comes on the heels of two recent...
- The Dollar Strengthens. In 2015, the dollar was at a 12-year high against the euro. That put pressure on market prices because commodity prices are usually quoted in dollars, and they will fall when the U.S. dollar is strong.
- OPEC Retains Production Levels. OPEC, the cartel of oil producers that sets production levels, was unwilling to prop up the oil markets by cutting its production levels.
- Global Inventory Grows. The prices of crude futures declined in late September 2015 when it became clear that oil stockpiles were growing amid increased production.
- The Economy Weakens. While the supply of oil became increasingly abundant in 2015, global demand for oil was decreasing. The economies of Europe and developing countries were weakening.
Sep 6, 2024 · Oil futures fell sharply on Friday to post a weekly drop of about 8%, with global benchmark prices settling at their lowest since 2021, driven by worries over a slowdown in demand.
Nov 21, 2022 · Gas prices haven’t fallen below a nationwide average of $3 per gallon since May 2021. As oil prices soared earlier this year, the price at the pump hit a record high above $5 per gallon...
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Jan 4, 2022 · Crude oil prices increased in 2021 as increasing COVID-19 vaccination rates, loosening pandemic-related restrictions, and a growing economy resulted in global petroleum demand rising faster than petroleum supply.
