What was the price of a barrel of oil in 1973?
During the OPEC oil embargo, inflation-adjusted oil prices went up from $25.97 per barrel (bbl) in 1973 to $46.35 per barrel (bbl) in 1974.
Why did oil prices crash 2020?
In 2020, worldwide demand for oil fell rapidly as governments closed businesses and restricted travel due to the COVID-19 pandemic. An oil price war between Russia and Saudi Arabia erupted in March when the two nations failed to reach a consensus on oil production levels.
What was the price of oil in December?
Historical Data
| Date | Value |
|---|---|
| January 31, 2020 | 61.63 |
| December 31, 2019 | 63.35 |
| November 30, 2019 | 60.40 |
| October 31, 2019 | 57.27 |
What was the price of a barrel of oil in January 2021?
Historical Data
| Date | Value |
|---|---|
| January 31, 2021 | 53.60 |
| December 31, 2020 | 48.73 |
| November 30, 2020 | 42.30 |
| October 31, 2020 | 39.90 |
What was the price of oil in 2021?
(13 May 2021) Brent crude oil prices will average $62.26 per barrel in 2021 and $60.74 per barrel in 2022 according to the forecast in the most recent Short-Term Energy Outlook from the US Energy Information Administration (EIA).
What was the price of oil in 1970?
Oil Prices by Year: Average, High, Low, and Events
| Year | Average | Causes |
|---|---|---|
| 1970 | $2.96 | Regulated prices |
| 1971 | $3.17 | |
| 1972 | $3.22 | |
| 1973 | $4.08 |
What is the prediction for oil prices?
Analysts at Goldman Sachs predicted last week that the price of a barrel of oil could average $85 for the next few years. But some traders are betting that oil will rise much more. The most widely held option is one that pays out if oil rises higher than $100 a barrel by the end of December.
Is oil expected to go up?
Many Wall Street forecasters believe oil prices are about to peak. Oil use is up from 2020 but below what it was in 2019, when oil prices were lower than they are now. Analysts at Goldman Sachs predicted last week that the price of a barrel of oil could average $85 for the next few years.