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