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Help me out here...The chart below reflects the price of crude oil over a one year period.
In Sept 2021 crude oil was $81.00 a barrel and in Sept 2020 it was only $44.00 a barrel.
Anyone want to tell me who or what caused this major one year conflict in crude oil prices?
According to government sources; the price of crude oil is likely to continue increasing.
Crude oil prices generally peak between Sept and Oct. and hold steady till after new year.
But not this year because as we all know, product cost is determined by "Supply & Demand".
And the global oil inventories will be falling faster than expected due to lower global oil supply!
U.S. Energy Information Administration
"We expect Brent prices will remain near current levels for the remainder of 2021, averaging $81/b during the fourth quarter of 2021, which is $10/b higher than our previous forecast. The higher forecast reflects our expectation that global oil inventories will fall at a faster rate than we had previously expected owing largely to lower global oil supply in late 2021 across a range of producers."
In Sept 2021 crude oil was $81.00 a barrel and in Sept 2020 it was only $44.00 a barrel.
Anyone want to tell me who or what caused this major one year conflict in crude oil prices?
According to government sources; the price of crude oil is likely to continue increasing.
Crude oil prices generally peak between Sept and Oct. and hold steady till after new year.
But not this year because as we all know, product cost is determined by "Supply & Demand".
And the global oil inventories will be falling faster than expected due to lower global oil supply!
U.S. Energy Information Administration
"We expect Brent prices will remain near current levels for the remainder of 2021, averaging $81/b during the fourth quarter of 2021, which is $10/b higher than our previous forecast. The higher forecast reflects our expectation that global oil inventories will fall at a faster rate than we had previously expected owing largely to lower global oil supply in late 2021 across a range of producers."