What was the oil price in 2015?

What was the oil price in 2015?

Crude oil prices started 2015 relatively low, ended the year lower. Crude oil prices ended 2015 below $40 per barrel (b), the lowest level since early 2009. Spot prices for the international crude oil benchmark Brent averaged $52/b in 2015, 53% below the level in 2014 and 49% below the average price over 2010-14.

Why did the oil price crash in 2015?

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. Vehicles were becoming more fuel-efficient. Meanwhile, China’s devaluation of its own currency suggested that its economy might be weakening as well.

Did oil prices Drop in 2015?

The initial drop in oil prices from mid-2014 to early 2015 was primarily driven by supply factors, including booming U.S. oil production, receding geopolitical concerns, and shifting OPEC policies. However, deteriorating demand prospects played a role as well, particularly from mid-2015 to early 2016.

What was the price of oil January 2016?

In January 2016, the daily spot price of West Texas Intermediate (WTI) crude oil reached its lowest point in 13 years of US$26.68 per barrel.

What caused the oil price crash in 2014?

Reduced demand in the second half of 2014 was also a major factor that had not been the case during the previous 2 years of advancing petroleum supplies. An overall weakening of global demand for petroleum began in May, particularly from China and Europe.

What was the price of oil in December 2019?

$67.31
Crude Oil Brent US Dollars per Barrel

Why did oil drop 2014?

What was oil prices 2014?

WTI Crude Oil Prices – 10 Year Daily Chart

What was the price of oil in December 2018?

The oil price for Brent crude oils in December was $57.36 per barrel while the price was $64.75 per barrel in November of 2018.