In this post we will take a quick look at the oil crisis, in the end you will have a better understanding of why the price of crude oil is at such low prices.
The price of crude oil is determined by many key factors. One of the main reasons oil prices are so low right now is the law of supply and demand, simple economics if you will.
Us oil surges again on Tuesday, closing out on a 3.7% gain following a price drop on Monday.
OPEC is close to striking a deal with other major key producers, hoping to reduce output in the midst of one of the biggest supply gluts in decades.
Crude oil prices skyrocket over the last 48 hours jumping almost 24 percent, closing out at $32.19 a barrel. It’s the news we’ve all been waiting for.