Price of oil 2008
From Metapedia
(updated October 17, 2008)
On January 2, 2008, a single trade on the price of oil was made at $100[1], but the price did not stay above $100 until late February.
Oil broke through $110 on March 12, 2008[2], $125 on May 9, 2008[3], $130 on May 21, 2008 [4], $135 on May 22, 2008, $140 on June 26, 2008 and $145 on July 3, 2008[5]. On July 11, 2008, oil prices rose to a new record of $147.27 following concern over recent Iranian missile tests[6].
However, oil prices declined by more than $20 over the next two weeks, settling around $125 a barrel on July 24, 2008, [7]A strong contributor to this price decline was the drop in demand for oil in the US. Miles driven there in a month were down in March-May 2008 compared to 2007, with the 4% decline in May being the largest drop in history. [8] Oil further dropped down to its lowest price in 3 months, at around $112 a barrel, on August 11,2008[9], and on September 15, oil price fell below $100 for the first time in seven months.On October 11, oil fell as much as 8.89$, or 10.17%$ to 77.70 USD per barrel as global equities slide .[10] Oil traded below $70 on October 16.
