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Oil Prices Top $40 Per Barrel
Crude oil prices, which nosedived from $107 per barrel last June to less than $27 in January, are on the rise again.
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Crude oil prices, which nosedived from $107 per barrel last June to less than $27 in January, are on the rise again.
The price of Brent crude, the global standard, began the week at $40.84 per barrel. The U.S. benchmark, West Texas Intermediate, closed at $37.90 on Monday, up nearly 6%.
Traders have been expecting a mild increase in oil prices. But supplies of crude remain very high and are likely to hold prices at historic lows through much of 2016. The Organization of the Petroleum Exporting Countries has predicted prices won’t reach $70 per barrel until 2020.
In the meantime, analysts expect gasoline prices over the next several weeks to rise at least 35 cents per gallon in the U.S. as refiners make their routine switch from winter to summer blends.
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