Global Crude Oil Prices Increased by 14 Percent in 2016

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10/08/2016 16:00 WIB

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World Crude Oil (WTI) Prices 2015-October 2016

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World Crude Oil (WTI) Prices 2015-October 2016

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Global crude oil prices began to recover throughout 2016. In trading on August 9, 2016, the price of WTI crude oil for the next month's contract closed at US$42.77 per barrel, a 15.46 percent increase from its year-end 2015 level of US$37.04 per barrel.

Compared to its lowest price of US$26.1 per barrel on February 11, 2016, the global oil price has surged 63.9 percent. The easing of global financial uncertainty and the recovery of economies in several countries have pushed oil prices above US$40 per barrel.

Since mid-2014, oil prices had continuously fallen, reaching below US$30 per barrel in February 2016. A global oil supply surplus coinciding with a slowing global economy triggered the fall in the price of this black gold. Furthermore, the flood of shale gas supply in North America also contributed to the erosion of global oil prices.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."