Oil prices fell by 11% during October, from a starting point near $40/barrel.  Shortly after the month began, prices dropped to $37 followed by a quick recovery toward $41.  However, the momentum was lost during the second half of the month as prices declined sharply to close the period under $36.  The following graph shows the daily price movements over the past three months: The volatility of oil prices and financial markets continues to be driven by COVID-19 concerns.  During

Oil prices showed some volatility during September after several months of trading in a tight range.  Shortly after the start of the month, prices fell by more than 10%, dipping just below $37 per barrel.  Within a week, prices managed to climb back to the familiar $40 level and stayed nearby for the remainder of the month.  The following graph shows the daily price movements over the past three months: The large decline at the beginning of September was accompanied

During August, oil prices continued trading in a very narrow range but did achieve a small gain, starting the month at $41 and closing near $43 per barrel.  The following graph shows the daily price movements over the past three months: Significant uncertainty about the economy due to the virus’ impact has persisted for several months which has limited movement in prices.  In addition to oil’s stagnancy, overall average wholesale and retail prices for August were flat compared to July. 

During July, oil prices traded in an extremely narrow range, primarily between $40 and $42 per barrel throughout the month.  The following graph shows the daily price movements over the past three months: Although prices increased in rapidly May when COVID-19 restrictions started to ease, they lost momentum in June, then stagnated in July as concerns grew about a resurgence of the virus.  Significant uncertainty regarding an economic recovery from the virus’ impact cast doubt on the demand for oil

Oil prices traded in a narrow range throughout June following the significant rebound that began in May.  Although prices broke through $40 per barrel very briefly, they were mainly in the high-$30’s for the entire month.  The following graph shows the daily price movements over the past three months: When COVID-19 restrictions started easing during May, businesses reopened and travel began to increase resulting in growing demand for oil and fuel.  In addition, OPEC+ extended their production limits to help