
Fuel Flash – January 2020
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