Environment and Energy
April 30, 2019
SMU Energy Analysis: Oil Prices Rebound
Written by Peter Wright
Monthly oil production in the U.S. in January was second only to the all-time high set in December 2018. The price of West Texas Intermediate crude oil had recovered to $63.43/barrel on April 15, up from its recent low of $44.48 on Dec. 27.
On April 23, Economy.com wrote: “Oil prices rebounded in the first quarter following the implementation of OPEC’s cut agreement and plunging Venezuelan output. The price of West Texas Intermediate averaged $54.80 per barrel in the first three months of 2019, still down 13% from a year earlier but up sharply from about $45 per barrel in late 2018. The price of WTI topped $60 per barrel in late March for the first time since early November. Aside from lower OPEC output levels, positive economic news from China and a small drop in U.S. oil output in January also supported prices in early April.”
