Crude Oil Forecast: Price Increases 19% In 14 Days

Crude oil prices surged 19% in four days since last Wednesday, the largest four-day percentage gain since 2009. Oil had tumbled from more than $107 to less than $45 a barrel in seven months due to slowing demand growth and a global supply glut. The United States became the world’s biggest crude producer because of new technologies, and the Organization of Petroleum Exporting Countries (OPEC) decided not to curb their own supply to prop up the price. However, developments in recent days have pointed to an eventual slowdown in oil production, causing the price to rebound in a market pullback. oil news

Oil Price News: Crude Oil Trading Below $50 A Barrel

US crude had snapped a seven-week last week after bullish comments from the International Energy Agency. Oil prices fell at the beginning of the week, dipping back below $50, as analysts see little evidence of the combination of oversupply and sluggish demand that has pummeled oil prices subsiding. oil price news