Oil prices have had a tumultuous week - but the volatility is only short term.
As this crude oil price chart shows, all major banks see prices rebounding. Some see oil surging to the mid-$70 range by Q4.
By Alex McGuire, Associate Editor, Money Morning • @AlexMcGuire92 -
Oil prices have had a tumultuous week - but the volatility is only short term.
As this crude oil price chart shows, all major banks see prices rebounding. Some see oil surging to the mid-$70 range by Q4.
Here's where Morgan Stanley, Commerzbank, and others see WTI prices by the end of the year...
By Alex McGuire, Associate Editor, Money Morning • @AlexMcGuire92 -
Oil prices have had a tumultuous week - but the volatility is only short term.
As this crude oil price chart shows, all major banks see prices rebounding. Some see oil surging to the mid-$70 range by Q4.
Here's where Morgan Stanley, Commerzbank, and others see WTI prices by the end of the year...
By Kyle Anderson, Associate Editor, Money Morning • @KyleAndersonMM -
Oil hit its lowest point in more than five years this week, continuing 2014's huge drop. This WTI crude oil price chart and Brent oil chart show how large the oil crash of 2014 has been.
In June, WTI oil futures traded as high as $101.33 per barrel. This week they touched $52.51.
That's a drop of 48.2% in just six months.
Here's how that compared to another historic crash in oil prices...
By Kyle Anderson, Associate Editor, Money Morning • @KyleAndersonMM -
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.