2014–2016 world oil market chronology
[1] With the Iran agreement and increased production from Libya and the North Sea, Benchmark oil was around $92 on January 13 and Brent crude was $105.98.
[2] After good economic news from Japan, Benchmark crude fell slightly from its highest close of 2014, $98.23 on January 30.
The difference between the two fell below $10 for the first time since November, partly due to cold weather in the United States which resulted in high heating oil demand.
[6] Later in the week, good economic news from the United States, lower oil supplies in Oklahoma and a force majeure by Shell Nigeria pushed prices slightly higher, to $102.12 for Benchmark crude and $108.29 for Brent.
[10] On April 30, Benchmark crude dropped below $100 for the first time in three weeks as oil supplies continued to rise and the unusually cold winter resulted in negative U.S. economic news.
Production in Libya was up, and economic slowdowns were expected in Europe and China, making even lower prices likely.
Low demand and high North American production cancelled out effects of troubles in the Middle East and Ukraine.
[28] After Saudi Arabia oil minister Ali Al-Naimi said OPEC members could not cut production on their own,[29] oil prices rose slightly December 18 but finished the day lower with Benchmark crude at $54.11 and Brent crude $59.27, both the lowest since May 2009.
Economic problems in Europe and Asia, high gas mileage, a strong dollar, higher U.S. production and no action by OPEC have been credited.
[35] After the January 23 death of King Abdullah led to concerns about the future, West Texas Intermediate climbed as high as $47.76 and Brent crude reached $49.80.
[38] At the end of February, with refineries changing to summer blend, the price of gas was $2.37,[39] up from $2.03 in January.
[40] U.S. inventories were the highest since records had been kept, but on March 18, with the Federal Reserve indicating interest rates would not rise quickly, oil prices increased 6%.
[54] Oil fell by about $10 in July as the U.S. dollar was strong, supplies were high, and the Chinese stock market was down.
[56] A week later, with supplies high and summer driving in the United States ending, oil fell below $45, close to the six-year low reached in March.
[68] A drop in supplies from Cushing, speculation about Federal Reserve action on interest rates, and U.S. help for Kurds in Syria contributed to a rise in U.S. crude to $47.15, while Brent was $50.
[71] With Middle Eastern countries producing more oil than needed and Iran expected to add even more as a result of the nuclear deal, as well as slow growth in China, U.S. crude fell below $46 on October 19 and Brent crude reached $48,51 early October 20.
[73] On November 4, prices fell over 3% as a result of higher U.S. inventories and U.S. output, before rising slightly, Brent crude recovering to $48.76 and West Texas Intermediate reaching $46.37.
[77] Higher demand, winter weather in the United States and a promise by Saudi Arabia to work toward stabilizing prices sent West Texas Intermediate back over $42 and Brent crude over $44 on November 23.
[80] On December 21, Brent crude fell as low as $36.35 a barrel; this was the lowest price since July 2004.
[84] On January 6, 2016, the price of WTI crude hit another eleven-year low, as it dropped to 32.53 a barrel for the first time since 2009.
[88] After OPEC encouraged production cuts and U.S. GDP data suggested fewer interest rate increases, U.S. oil had four days of gains to finish January at $33.62.
With gasoline demand up, Brent crude reached its highest level of the year at $42.54 before falling to $41.20 March 18 in its fourth straight week of gains.
[99] In the first week of April with a weak dollar, oil jumped 7%, with Benchmark crude reaching $39.72 and Brent at $41.94.
[106] On June 7, with the dollar lower and interest rates not expected to rise after U.S. economic news, Benchmark crude closed over $50 for the first time since July 21.
If the Fed raised interest rates, a higher dollar and lower oil prices would result.
[119] On September 29, WTI rose to $47.83 and Brent crude hit $49.24 after OPEC's decision to decrease production resulted in the biggest gains since April.
With the dollar strong after improvement in the U.S. economy, and stock markets weak, West Texas Intermediate fell October 3 after reaching $48.87, the highest point since July 5.
[122] A week later, with supplies high and added U.S. production capacity, WTI fell just below $50 and Brent crude ended the day at $51.16.
[124] After an October 29 meeting by both OPEC members and nonmembers on the agreement to limit output resulted only in an agreement to meet again on November 30, and with high inventories at Cushing, Brent crude reached $48.17, the lowest since September 29, and WTI was down to $46.86, its lowest since September 27.
As a result, Brent crude went over $50, the highest in a month, while West Texas intermediate stopped just short of $50.
