Crude Oil Prices Slip in February

Crude Oil Prices

Oil prices dipped in February after hitting a two-year high last month. 

Oil Prices on the Rise

After floundering for over two years, crude oil prices rose steadily over the last half of 2017, finally making its way back into the $60 range. West Texas crude prices peaked in January 2018 and have at $66.14 and then dipped back to the 50's over the past two weeks. 

Weekly Trend

  • WTI Crude: Increased this week to $62.52, up from $59.29 on February 12, 2018

  • Brent Futures: Increased to $65.30, up from $62.59 on February 12, 2018

Saudi Arabia's Energy Minister, Khalid Al-Falih, called for further cuts to production last week in order to tighten up the market. At the same time, the U.S. is seeing the highest levels of production in decades.