By September 14, 2018 0 Comments Read More →

The Price Of Crude Oil Keeps Coming Back

Crude oil is the most liquid commodity that trades on the futures market. While environmental concerns have increased the demand for alternative forms of energy, crude oil remains the primary commodity that powers the world.

More than half the reserves of crude oil in the world reside in the Middle East, the most politically turbulent region of the world. Therefore, crude oil is a highly volatile energy commodity, and its price reflects both economic and political events and trends. The all-time in NYMEX crude oil futures was at $147.27 per barrel in 2008. The price of the energy commodity fell to a low of $26.05 per barrel in February 2016. Since then, the price of oil has been making higher lows and higher highs, but it has yet to climb back to the $100 level.

The composition of oil production has changed dramatically over the past decades. The higher price together with technological advances has resulted in climbing production from the United States. These days, three countries produce over 10 million barrels of oil per day. Saudi Arabia and Russia have been members of the exclusive club for many years…

 

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