Crude Oil Price Chart For Last 10 Years
Introduction
Crude oil is one of the most important commodities in the world. It is used in various industries such as transportation, manufacturing, and energy production. The price of crude oil is closely watched by investors, economists, and policymakers because it can have a significant impact on the global economy. In this article, we will look at the crude oil price chart for the last 10 years and analyze the trends.
2011-2014
In 2011, the price of crude oil was around $85 per barrel. The price continued to rise throughout the year and reached its peak in April 2011 at $126 per barrel. This was due to the unrest in the Middle East, particularly in Libya. The price started to decline in May 2011 and remained relatively stable until 2014. In 2014, the price of crude oil was around $100 per barrel.
2015-2016
In 2015, the price of crude oil started to decline rapidly. By January 2016, it had reached a low of $26 per barrel. This was due to oversupply in the market, particularly from the United States and Saudi Arabia. The decline in the price of crude oil had a significant impact on oil-producing countries, such as Russia and Venezuela, which rely heavily on oil exports for their economy.
2017-2018
In 2017, the price of crude oil started to recover. By January 2018, it had reached $70 per barrel. This was due to a combination of factors, including OPEC's decision to cut production and strong demand from China and India. The recovery in the price of crude oil had a positive impact on oil-producing countries, which saw an increase in revenue.
2019-2020
In 2019, the price of crude oil remained relatively stable. However, in early 2020, the price of crude oil started to decline due to the COVID-19 pandemic. By April 2020, it had reached a low of $20 per barrel. This was due to a decrease in demand for oil as countries around the world implemented lockdown measures to contain the spread of the virus.
2021
In 2021, the price of crude oil started to recover as countries began to ease lockdown measures and demand for oil started to increase. By July 2021, the price of crude oil had reached $75 per barrel. However, concerns over the Delta variant of COVID-19 and its impact on the global economy have led to uncertainty in the oil market.
Conclusion
The price of crude oil is influenced by various factors, such as supply and demand, geopolitical events, and economic conditions. The crude oil price chart for the last 10 years shows that the price of crude oil can be volatile and can have a significant impact on the global economy. It is important for investors, economists, and policymakers to closely monitor the price of crude oil and its trends.
