Crude Oil Price History Pushed to Seven-Year High | OPEC Opts Against Big Output Boost

OPEC and a Russia-led group of oil producers agreed to continue increasing production in measured steps, delegates said Monday, deciding against opening the taps more widely and driving U.S. crude prices to their highest levels since 2014. Crude oil price history is indeed at an all-time high.

Short insights: We all know where do crude oil come from or what crude oil is used for. Crude oil is a naturally occurring petroleum product composed of hydrocarbon deposits and other organic materials.

To continue, West Texas Intermediate, the main U.S. oil price, rose 2.3% to close at $77.62 a barrel. Brent, the international gauge, added 2.5% to end at $81.26, its highest settling price in three years. Climbing oil prices recently had analysts and economists expecting OPEC and its Russia-led allies to lift production more significantly.

Instead, the Organization of the Petroleum Exporting Countries and Russia said the group, which calls itself OPEC+, would lift its collective output by 400,000 barrels a day in monthly installments, part of a previously agreed plan to return output to pre-Covid-19 levels.

In the U.S., oil drilling and output have been ticking higher, though they are yet to return to pre-pandemic levels. The last time that domestic crude prices were so high, there were roughly 1,100 more rigs drilling for oil than the 428 at work last week, according to oil-field-services firm Baker Hughes Inc.

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Source: THE WALL STREET JOURNAL

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