TIMELINE: The tumultuous 155-year history of oil prices

Kopitiam Bot

(Source: www.businessinsider.sg)

Oil has been center stage since late 2014.

Most recently, after two years of depressed prices, OPEC agreed to curtail output by 1.2 million barrels per day at its meeting in Vienna in late November in an attempt to end the global supply glut. Several non-OPEC producers including Russia tagged along in December, agreeing to reduce output by about 560,000 bpd (slightly below the original proposition of 600,000). 

Oil prices jumped on the news and are now about 18% higher than they were before the November announcement. WTI crude is trading around $53.62 per barrel, while Brent crude is around $55.78 per barrel as of 9:28 a.m ET.

Looking forward, a Goldman Sachs macro research team wrote in a note to clients that they see Brent crude oil prices peaking at $59 per barrel in the first half of next year as cuts are implemented. That should push the market into deficit in the…

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