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The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).
Brent crude futures rose to $74.60 a barrel on Tuesday and US West Texas Intermediate crude was up at $71.66 a barrel. For the year, Brent declined 3.2%, while WTI was down 0.1%. For the year ...
The price of benchmark U.S. crude oil, called West Texas Intermediate, has tumbled to about $70 a barrel from $120 in June 2022, shortly after Russia’s invasion of Ukraine.
The United States' flagship crude oil grade plunged on Monday to trade at about $10 a barrel, the weakest since late 1998 as demand plummeted due to the coronavirus pandemic and storage filled ...
This came after crude oil for June delivery reached $114.83 on May 2, the highest since September 2008, before closing at $97.18 on May 6, a day after dropping 9%, the most dramatic single-day drop in over two years. Gas prices fell slightly on May 6, and experts predicted $3.50 a gallon by summer. [8] [9] [10]
On April 24, gasoline was $3.85 compared to $3.86 a year earlier; it had been two years since gas prices were lower than the previous year. Crude oil prices were down; West Texas Intermediate was $103.55 a barrel, [72] down from over $107 late in March, [73] and Brent Crude $118.16 [72] after peaking above $128 in March. [74]
Crude oil futures prices on the New York Mercantile Exchange in March, April, and May 2020. In March and April 2020, demand for crude oil dropped dramatically as a result of travel restrictions related to the COVID-19 pandemic. [8] Meanwhile, an oil price war developed between Russia and Saudi Arabia, and both countries increased production. [7]
The EIA now expects spot Brent crude prices to average $73.58 a barrel in 2025, down from its previous forecast of $76.06 per barrel. U.S. WTI spot prices will average $69.12 per barrel in 2025 ...