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
Oil prices began to show some potential to recover in early February following their sharp drop in January. However, by the middle of the month, another sharp decline occurred with prices closing February just under $45 per barrel. Oil prices have now fallen almost 27% since the beginning of the year and are about 22% lower than the same time
Oil prices dropped sharply and unexpectedly in two stages during January. Prices declined by 16% from the start of the year to close January just above $51 per barrel. The following graph shows the daily price movements over the past three months: The dramatic decline in January followed a tense period in December with rising oil prices. Near the end
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
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