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On March 5, 2008, OPEC accused the United States of economic "mismanagement" that was pushing oil prices to record highs, rebuffing calls to boost output and laying blame at the George W. Bush administration. [28] Oil prices surged above $110 to a new inflation-adjusted record on March 12, 2008, before settling at $109.92. [29]
In the middle of the financial crisis of 2007–2008, the price of oil underwent a significant decrease after the record peak of US$147.27 it reached on 11 July 2008. On 23 December 2008, WTI crude oil spot price fell to US$30.28 a barrel, the lowest since the financial crisis of 2007–2008 began. The price sharply rebounded after the crisis ...
“Copper’s eventual bull run is likely to make oil’s famous 2008 rally look like child’s play,” Citi’s managing director for commodities research, told clients.
The high of 2008 may have been part of broader pattern of spiking instability in the price of oil over the preceding decade. [52] This pattern of instability in oil price may be a product of peak oil. There is concern that if the economy was to improve, oil prices might return to pre-recession levels. [53]
Colas noted that when WTI crude prices ranged between $80 and $100 per barrel between 2008 and 2014, XLE typically outperformed. Old rusted oil rig in a field in Galveston, Texas. (Getty Images ...
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In the United States, gasoline consumption declined by 0.4% in 2007, [20] then fell by 0.5% in the first two months of 2008 alone. [21] Record-setting oil prices in the first half of 2008 and economic weakness in the second half of the year prompted a 1.2 Mbbl (190,000 m 3)/day contraction in US consumption of petroleum products, representing 5 ...
Oil extended gains as ... rose nearly 3% to settle at $78.82 per barrel, the highest ... Click here for in-depth analysis of the latest stock market news and events moving stock prices.