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What’s Going On With The Price Of Oil?

Oil pumpjacks stand in the Inglewood Oil Field amidst the coronavirus pandemic in Culver City, California.
Oil pumpjacks stand in the Inglewood Oil Field amidst the coronavirus pandemic in Culver City, California.

Something is going on with the price of oil.

The world’s top commodity traders are expecting the price to return to $100 per barrel by the end of the year, the highest it’s been since 2014. The price hasn’t risen above even $90 per barrel since a sharp downturn in 2014 when the rise of U.S. shale oil convulsed global markets.

CNBC says the reopening economy has sent crude up about 40 percent since the start of the year, but a surge in driving by Americans, as well as an increase in goods transportation and air travel, could pressure prices further.

Dan Dicker is an energy analyst and author of the book “Turning Oil Green.”

Copyright 2021 WAMU 88.5

Rupert Allman

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