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The US Department of Energy plans to take advantage of the recent crude oil price decline and resume filling the Strategic Petroleum Reserve, it announced on Jan. 2. It said that it issued a solicitation to
in 2015, $18/bbl lower than forecast in last month’s STEO. “There is significant uncertainty over the crude oil price forecast because of the range of potential supply responses from the Organization of Petroleum Exporting Countries
today [Aug. 29]. Some support for crude has crept in from a marginally weaker dollar this morning, although the crude oil price is still struggling to regain the $112/bbl mark.” As far as the oil industry is concerned, Raymond James analysts said
Light, sweet crude oil prices briefly dropped below $50/bbl on the New York market on July 20 for the first time since April but regained some support to settle at $50.15/bbl—the lowest settlement since Apr. 2.
Light, sweet crude oil prices dropped more than $1/bbl on the New York and London markets July 15, dipping to their lowest settlement since early April on concerns about Iranian oil eventually adding to an already oversupplied world oil market.
US crude oil futures for July delivery dropped back below $60/bbl on the New York market in June 19 trading, and analysts said concerns over Greece contributed to Brent crude oil prices falling more than $1/bbl on the London market that same day.
Crude oil prices for June delivery topped $60/bbl on the New York market May 5, and the upward momentum continued in early trading May 6 when prices reached $62/bbl for the first time since December 2014.
Crude oil prices for June delivery dropped modestly on the New York market on Apr. 22 to remain above $56/bbl for June delivery following another reported increase in US oil and product inventories. Meanwhile, statistics indicated slower manufacturing activity in China, a major oil consumer, last
Crude oil prices on the New York market jumped by more than $2/bbl Feb. 12 to settle above $51/bbl, which analysts attributed to more oil and gas companies cutting their budgets as well as an announced ceasefire agreement between Russia separatists and Ukrainian forces.
Spot prices of Brent crude oil averaged $107/bbl in July, marking the 13th consecutive month in which the average price has ranged $107-112/bbl.