Oil prices aren’t reacting drastically to supply and demand changes
Oil prices aren’t reacting drastically to supply and demand changes
Global oil prices ticked up slightly this week after almost three months of steep declines, but they still hover in the $50 to $55 per barrel range, near 2015-17 prices.
Movements in the oil market don’t just affect how much it costs to fill up a tank of gas — they usually speak to the state of the global economy and the relative peace of the Middle East. But oil prices have not reacted sharply to threats to supply in the Middle East or softening demand from the U.S.-China trade war and fears of a global slowdown. Instead, the two factors may be holding oil prices in a state of relative equilibrium.
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