What is the price of oil today: Oil prices hovered around their lowest levels in six years today (Monday) as investors disregarded OPEC's forecast that U.S. output will halve by the end of 2015.
The price of WTI crude oil fell below $48 a barrel today (Wednesday) after the Energy Information Administration (EIA) released its weekly supply report.
But there's one consequence of lower oil prices that will inevitably move them up.
Current crude oil prices remain below $52 a barrel. Today's slight drop comes at the end of a week that has seen a 3.8% drop so far.
But despite recent pullbacks, WTI and Brent are up 6% and 19% in the last month.
The current price of oil per barrel rallied hard today (Friday) at the end of an extremely volatile week.
Oil prices have been U-shaped this week, hitting highs of $54 midday Monday and lows of $48 midday Wednesday before soaring back up today.
But analysts keep calling for lower prices.
Oil prices today (Tuesday) fell below $50 for the first time in three trading sessions.
The decline came after the International Energy Agency (IEA) warned oil prices may stay down as stockpiles increase.
In an oil market version of a game of chicken, Saudi policymakers are trying to make U.S. producers blink first. And it's starting to work.
U.S. rigs are being brought offshore and drilling projects are being shelved. This will have an impact on the supply side in short order. By this summer, oil prices may be back to a range of $65 to $70 a barrel.
The oil price today (Wednesday) abruptly fell below $50 again.
The oil price drop came after another weekly supply announcement. The U.S. Energy Information Administration reported crude oil supplies rose by 6.3 million barrels to 412.1 million in the week ended Jan. 30.
The crude oil price drop today (Tuesday) fell to its lowest in five years. Both WTI and Brent oil are down 59% since June 2014.
If this trend continues, oil will be the lowest in a decade.
Best oil ETFs to buy now: Crude oil prices have dropped to their lowest prices since 2009, falling below $50 a barrel this month, after reaching $115 a barrel in June.
But Money Morning's Global Energy Strategist Dr. Kent Moors says oil prices are near a bottom, and will rebound in 2015.
"As the most fluid commodity in the world, crude oil has the ability to quickly self-correct, which is why longtime oil veterans aren't worried about falling prices,” Moors said. "In fact, the vast majority of them (including myself) actually expect oil prices to climb next year."
For the first time since 2008, stocks traded down on the last trading day of the year and the first trading day of the New Year.
Whether this will prove to be a mere statistical curiosity or a harbinger of troubles ahead remains to be seen, but there are enough headwinds facing investors to force them to don foul weather gear for the year ahead.
Oil prices today (Monday) dropped to new yearly lows after spending much of the morning on the rise.
At 1:00 pm EST, WTI oil fell more than 3% to $52.90 per barrel for February delivery. Brent oil was down 2.8% to $57.79 in afternoon trading.
West Texas Intermediate (WTI) crude oil dropped to $63.38 yesterday (Monday). At that level, the price of oil is now down more than 42% since September of 2013.
As this crude oil price chart shows, that's the fourth-largest bear market for oil in the last 30 years.
And while this isn't the biggest drop for oil, it is the longest bear market among the top five dips.
In a highly publicized meeting last month, OPEC announced it would maintain high production levels in an attempt to disrupt U.S. shale oil producers.
But the OPEC oil price war simply won't work says Money Morning's Global Energy Strategist Dr. Kent Moors. He's been meeting with some of the world's top oil policymakers in Dubai this month and has been analyzing OPEC's strategy.
Last week's OPEC meeting in Vienna, Austria, was billed as the most important gathering of the cartel in years, with huge implications for crude oil prices.
The meeting's importance was felt almost immediately. After OPEC nations announced they would not cut oil production, oil prices plummeted. WTI crude oil is now down 37.8% from June and Brent oil is down nearly 40%.
If you're looking for explanation as to why oil prices are so low, look no further.
Certainly low oil prices have to do with supply and demand. Yet, there's one thing pushing the price down that has nothing to do with the oil itself.