From the upbeat summer days of 2014 when crude oil was flirting with prices over $110 per barrel to the deep descent in February 2016 when oil plunged below $27 per barrel, oil prices have been on a roller coaster ride in recent years that rivals Six Flags’ Texas Giant.
At the present time, oil prices appear to have stabilized in the $40 to $50 range. The main factors driving this recent dramatic shift to lower prices are sluggish demand combined with booming U.S. oil production.
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