Oil prices, long recognized as volatile, have declined sharply since June 2014. During the last week of June 2014, the prices of Brent, the world reference crude oil, and West Texas Intermediate (WTI), the U.S. reference crude oil, were $113.74 and $107.04 per barrel, respectively, at their peaks. As 2015 began, the price of Brent was $57.86 and the price of WTI was $53.46. These prices represent almost a 50% reduction. It is uncertain how far prices will decline, or how long the period of lower prices will persist.
Date of Report: January 6, 2015
Order Number: IF10026
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