Oil prices continued climbing higher throughout December, gaining over 10% to close the month and year at $61 per barrel.  Over the past year, oil increased by more than 33%.  The following graph shows the daily price movements over the past three months: During December, two primary factors caused oil prices to move higher.  The first, during early December, was a surprise announcement from OPEC regarding their agreement to make deeper cuts in production.  The second, near the middle of

Oil prices slowly climbed higher throughout November but gave back most of their gains at the end of the month.  Prices opened the month near $54 and closed just over $55 per barrel.  The following graph shows the daily price movements over the past three months: There were no significant developments in November that drove prices gradually higher.  The main reason was attributable to cautious optimism that the US and China would reach a Phase 1 agreement toward resolving their

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Oil prices traded in a very narrow range during most of October following a short period of significant volatility during September.  October’s prices opened and closed the month at just over $54 per barrel.  The following graph shows the daily price movements over the past three months: September’s volatility was caused by an attack on Saudi Arabia’s oil refining facilities during the middle of the month.  Prices spiked immediately following the attack.  However, concerns about supply disruptions in the Middle

September had a volatile period for oil prices following a relatively stable stretch for most of August.  The month opened with prices near $55 per barrel but sharply increased to over $62 during mid-September.  Shortly after the spike, prices quickly fell back to the mid-$50’s and remained in that range.  By the end of the month, prices closed just over $54, roughly where the month began.  The following graph shows the daily price movements over the past three months: In

August opened with oil prices just over $58 per barrel but they fell sharply during the first week of the month.  By the 7th of the month, prices hit their lowest point at $51 and then started to rebound.  For the remainder of the month, prices traded in a narrow range near $55 which is where the month finally closed.  The following graph shows the daily price movements over the past three months: Within a few days following the start

The month of July opened with oil prices approaching $60 per barrel.  By the 10th of the month, prices climbed slightly over $60 and remained at that level for a few days.  However, prices fell back to the mid-$50’s as the second half of the month started.  Prices subsequently traded in a narrow range near $56 during the last 10 days of the month but finally closed the month over $58.  The following graph shows the daily price movements over

Oil prices hovered near $53 per barrel for most of June, then quickly increased toward $60 during the last 10 days of the month.  Prices closed the month at over $58 after increasing $5 during late June, or 9%.  Overall, prices are up almost 30% since the start of the year.  The following graph shows the daily price movements over the past three months: The start of June followed a significant decline in oil prices during the last week of

Oil prices traded in a narrow range near $62 per barrel for most of May, then quickly fell back to the high-$50’s on May 23rd.  Prices collapsed even further at the end of the month, closing May at $53.50.  Overall, prices fell by 16% during May but are still up by 13% since the start of the year.  The following graph shows the daily price movements over the past three months: Despite ongoing tensions in the Middle East, the stage

During the first half of April 2019, oil prices traded in a narrow range in the low $60’s per barrel, then started rising to a recent high just over $66 on April 23rd but fell below $64 by the end of the month.  Prices increased by almost 6% during April and are up by 37% since the start of the year.  The following graph shows the daily price movements over the past three months: The increase during the third week