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
Following the historic collapse near the end of April, oil prices began rebounding throughout May. May’s prices started slightly under $19/barrel and nearly doubled by the end of the month closing over $35/barrel. The following graph shows the daily price movements over the past three months: The historic negative price dive in April was caused by a lack of liquidity
As part of the sharp decline that began in January, oil prices set another somber record in April when they crashed below zero for a short period during the month. Prices started the month at $20/barrel and managed to claw their way back to $19 by the end of the month despite the historic dip in negative territory. April’s ending
The sharp decline for oil prices that began in January has accelerated through March. Prices declined by about 60% during March, falling to roughly $20/barrel. They are now just under a third of the level where they started this year along with where they were a year ago. The following graph shows the daily price movements over the past three
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