Oil prices soared 18% higher in February, starting the month near $54 per barrel and ending just under $62.  Prices have increased almost 30% since the start of the year and are almost 40% higher compared to the same time last year. The following graph shows the daily price movements over the past three months: Following a flat trend in

As the new year began, oil prices quickly leaped from the high-$40’s per barrel to just over $52.  For the remainder of January, prices remained at that level as they traded within a narrow range. The following graph shows the daily price movements over the past three months: The jump in oil prices at the start of January continued to

Oil prices continued to increase throughout December and gained another 7% following a sharp increase during November.  Prices ended the year near $50/barrel but remain about 20% lower from where they started the year.  The following graph shows the daily price movements over the past three months: The continued rise in prices during December was primarily driven by optimism as

Oil prices increased sharply in November, rising over 25%.  The month began with prices just under $36/barrel and ended slightly over $45.  The following graph shows the daily price movements over the past three months: The rise in oil prices started early in November after published test results for two COVID vaccine trials reflected very high efficacy.  Despite a global

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

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

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

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

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