Oil Price Up 16.7% in July
In real dollars, the price of oil averaged $104.61 in July 2013. This is the highest average monthly price of oil since April 2012. The real price of oil was 16.7% higher than the real price of oil in June 2012. This is the second month of in a row of month-over-month growth in the price of oil. And, it is the fastest rate of month-over-month growth since July 2011. The annual rate of change has contracted at a slower rate each of the last three months. This is positive sign oil, gas field, and mining machinery production.
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