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Why the Price of Oil Is Surging - in One Picture
The price of oil is still on the rise today (Tuesday). As of 12:35 p.m. GMT (7:35 a.m. EST) today, Brent traded at $56.38 a barrel, a nearly 3% gain from its previous value.
That puts Brent oil up 14% since last Friday (Jan. 30). And on that day, Brent surged 8% - its biggest one-day gain since 2009.
WTI crude traded this morning at $50.88, up roughly 2.6% since Monday night.
Oil prices are surging for one reason, and this picture says it all...
The price of oil is still on the rise today (Tuesday). As of 12:35 p.m. GMT (7:35 a.m. EST) today, Brent traded at $56.38 a barrel, a nearly 3% gain from its previous value.
That puts Brent oil up 14% since last Friday (Jan. 30). And on that day, Brent surged 8% - its biggest one-day gain since 2009.
WTI crude traded this morning at $50.88, up roughly 2.6% since Monday night.
Oil prices are surging for one reason, and this picture says it all...