Crude oil news and the volatility of oil markets have hit the headlines in recent years. Crude oil is one of the most important energy resources for the global consumers. This is one of the main reasons why many economies have failed thoroughly in facing the shocks of crude oil price variations. In 1974 and 1979 the shocks created a serious aftermath in global economy. The third major fluctuations in prices happened during the global financial recession, but as it got build up very steadily, many countries had taken necessary precautions to face the tough time.
OPEC’s price range for crude oil was in between US $20-$40, during 2001-2004. The price of oil went above $70/barrel in 2006. But these prices are much below the price ranges in early 1980s, when it was about $85/barrel; almost same as that of today’s prices. 2006 July faced the toughest time when US light crude oil prices rose to the highest level of US $78.40/barrel. Many experts and researchers had predicted that the crude oil price would reach US$105, if the increase had gone at a steady pace.
After the aftermath of global financial recession the oil prices have almost doubled this year and have reached almost US $80 per barrel. World economy is in fact very much dependant on oil prices, than any other market. On close examination we can understand that the economic condition of many countries often change according to the fluctuations in oil prices. I.e. if the price of oil surpass by $100 per barrel this year it can cause a notable change in the present global economy. Furthermore, it may catalyze a major financial change than the present one.
If you are interested in the latest crude oil prices, and want to know more about the latest crude oil prices, you can check the latest news about oil, from the websites of oil and gas research and investment companies.