OIL PRICES GO FROM BOOM TO BUST – WHAT’S NEXT?

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Prices of crude oil recently rallied to a high of 14 years. The Brent crude oil price attained a high of $127.98 a barrel on 08th March 2022, while the WTI crude oil peaked at $130.50 a barrel on 07th March 2022. Both the benchmark indices are nearing their all-time high, formed during the 2008 global financial crisis. Ever since the Russian invasion of Ukraine began, crude oil prices have been witnessing heavy fluctuations; it recently has crashed more than 20% after soaring to 14-years high.

CRUDE OIL PRICES

To understand and trade (or invest) on crude oil prices – its rise and fall. We need to understand the historical backdrop of the industry, price movement, and volatility. Furthermore, understanding the fundamental factors influencing the prices of crude oil will aid us in making informed decisions, including any volatile situations that we may face subsequently, like the one we face currently.

Historical Background of Crude Oil

Notable events that impacted crude oil prices (1970 – present):

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