home Finance, Oil Prices, Production January Oil Prices Were At Their Highest In Five Years

January Oil Prices Were At Their Highest In Five Years

January oil prices strong
January oil prices were stronger than they have been in the past five years.

The market just experienced their strongest start to the new year in over five years despite the recent dip in oil prices Monday. Bent crude remained above $70/ barrel while West Texas Intermediate held at roughly $66.

Two key drivers in this are the weakened dollar and the growth of oil production in general. This Fortune article claims, “U.S. crude production has grown by over 17% since mid-2016 to 9.88 million barrels per day (bpd) in mid-January”.

This has been the biggest January increase since 2013.

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