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On January 6, 2016, the price of WTI crude hit another eleven-year low, as it dropped to 32.53 a barrel for the first time since 2009. [85] On January 12, in its seventh losing day, crude oil dropped below $30 for the first time since December 2003, ending the day at $30.44, as gas fell below $1.97. [86]
English: The chart in the figure shows the change in WTI oil prices between 2013 and 2023 (data availability by CNBC). The x-axis of the graph shows dots of different colours for each year, representing the start price, end price, and the highest and lowest prices for each year. y-axis represents the price of oil in US dollars per barrel.
Large build in stock in late 2014 Crude oil production in the United States increased from about 6 million barrels of oil a day in 2011 to almost 10 million barrels of oil a day in late 2014 The 2010s oil glut was a significant surplus of crude oil that started in 2014–2015 and accelerated in 2016, with multiple causes.
A combination of factors led a plunge in U.S. oil import requirements and a record high volume of worldwide oil inventories in storage, and a collapse in oil prices that continues into 2016. [77] [78] Between June 2014 and January 2015, according to the World Bank, the collapse in the price of oil was the third largest since 1986. [29]
While Harvey has had little effect on crude prices, [44] the price of gas reached $2.59 on September 2, up 17.5 cents since August 23 and 16.7% higher than 2016, [45] with more dramatic increases in states dependent on the Colonial Pipeline, which closed until inspection was complete. [46]
After falling again to its lowest price since October 2011, Benchmark crude rose 5.8% to $82.18 on June 29, with Brent crude up 4.5% to $95.51. European bailout efforts included lending money to banks, decreasing likelihood of failures. Also, European countries decided not to buy Iranian oil. The price of gas was $3.35, the lowest since January ...
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1998 world oil market chronology; 1999 world oil market chronology; 2000 world oil market chronology; 2001 world oil market chronology; 2002 world oil market chronology; 2003 world oil market chronology; 2004 world oil market chronology; 2011–2013 world oil market chronology; 2020–2022 world oil market chronology; 2014–2016 world oil ...