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What’s ahead for oil prices? 2008 versus 2014

December 31, 201411:01 PM BOE Report Staff

The recent drop in oil prices bears similarities to the tremendous drop of 2008, possibly foreshadowing what’s to come in the new year.

Let’s have a look back at the performance of crude oil in 2008:

2008 oil price chart

Oil started the year around $100/bbl and quickly shot up to nearly $150 by June. The price then declined by over $110 and by December, WTI crude oil finished near $35/bbl.

Although not as drastic, this year’s price drop is extraordinarily similar in terms of timing and suddenness:

2009 oil price chart

Once again, oil started this year around $100/bbl. Although it lacked the significant price increase seen in early 2008, this year’s oil decline began almost at the same mid-way point of the year. 2014 ended with WTI down 48% to just above $50/bbl.

In 2009, however, the price rose nearly 100% to approximately $73/bbl. And although there were no geopolitical factors creating a supply glut, the world economy was tumultuous at best. Something to think about for 2015.

2009 crude oil price chart:
2014 oil price chart

Happy new year from the BOE Report!

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