2011–2013 world oil market chronology

Political turmoil in Egypt, Libya, Yemen, and Bahrain drove oil prices to $95/barrel in late February 2011.

[1] Oil supplies remained high, and Saudi Arabia assured an increase in production to counteract shutdowns.

[4] The weakened U.S. Dollar resulted in a spike to $112/barrel with the national average of $3.74/gallon – with expectations of damaging the U.S. economy suggestive of a long-term recession.

[8][9][10] In mid-June, West Texas Intermediate crude for July delivery fell nearly $2 to $93.01, the lowest price since February.

On June 15 the Energy Information Association said oil consumption was down 3.5% from a year earlier, but wholesale gasoline demand was up for the first time in several weeks.

[11] On June 24, the price of gas was $3.62.8 and expected to go much lower due to the opening of the Strategic Petroleum Reserve.

[12] However, on June 29, West Texas intermediate crude had risen to $94.96, almost $5 above the lowest point reached after the previous week's action.

[15] Brent Crude remained high at $118.38 partly due to supply problems in Europe, including lower North Sea production and the continuing war in Libya.

[19] During October, the price of oil rose 22%, the fastest pace since February, as worries over the U.S. economy decreased, leading to predictions of $4 by early 2012.

The price of oil stayed near $100 throughout January because of concerns over supplies, and the European debt situation.

This came one day after Iran's oil ministry announced an end to sales to British and French companies; though this would have little actual impact on supplies, fears resulted in higher prices.

Also, approval of the bailout plan for Greece was expected, and China's action to raise the money supply was likely to stimulate the economy.

[34] On May 7, benchmark U.S. crude reached $95.34, the lowest price of the year, after voters in France and Greece ousted government officials who would cut spending to solve the debt crisis.

European bailout efforts included lending money to banks, decreasing likelihood of failures.

Benchmark Crude also reached its highest level since early May and continued to rise above $99 after Federal Reserve announcements of actions to improve the economy and the 2012 diplomatic missions attacks.

[54] On January 17, with good economic news in the United States, Benchmark oil reached its highest level since September, going over $95.

[56][57] On February 25, with European stock markets doing well, Benchmark crude for April rose above $94 after a significant drop the previous week due to news the Federal Reserve might end its stimulus efforts, making the dollar stronger.

By mid-April, with low demand expected due to negative economic news, gas was down to $3.56 as Brent crude fell to $103.04, its lowest price since July.

[63] On June 12, the International Energy Agency said demand for oil would still rise in 2013, but not as much as previously believed due to the economy.

[64] On June 20, with the Federal Reserve stating that its stimulus program could end if the U.S. economy continued to improve, as well as economic problems in China, Benchmark crude fell below $97.

[65] On July 10, oil prices were the highest in more than a year as a result of lower supplies and trouble in Egypt.

[68] On July 19 with good economic news in the United States, Benchmark crude reached $108.05, while gas was $3.67, the highest on a Friday since March 22.

[69] Gas was $3.63 on August 1, though good economic news in the U.S., China and Europe meant oil was going up again after a decline the previous week.

[77] On November 13, Brent crude reached $107.12 and was $13.24 higher than West Texas Intermediate, the largest difference since April, due to trouble in Libya and sanctions against Iran.

[80] On December 27, due to a better economy in the United States leading to higher demand, oil closed about $100 for the first time since October.