2013
On January 17, with good economic news in the United States, Benchmark oil reached its highest level since September, going over $95. Brent crude rose above $110. Gas was at $3.29.
Refinery shutdowns led to a dramatic rise in gas prices. Late in February, gas was at $3.78, up 14 cents from a week earlier.
On February 25, with European stock markets doing well, Benchmark crude for April rose above $94 after a significant drop the previous week due to news the Federal Reserve might end its stimulus efforts, making the dollar stronger. Brent crude was over $115. Two days later gas reached its highest point, $3.79 a gallon. By mid-April, with low demand expected due to negative economic news, gas was down to $3.56 as Brent crude fell to $103.04, its lowest price since July. With economic problems worldwide leading to low demand, gas prices fell 3 percent in April, the most in a month in ten years, to the lowest level for that month since 2010.
Before Memorial Day, gas supplies fell even though oil supplies were the highest in 35 years. U.S. economic news was also negative. On May 30, Benchmark crude for July rose slightly to $93.61 after falling the previous day, and Brent crude fell slightly to $102.19. On June 5 the price of oil rose again with supplies lower. Benchmark crude rose above $94. The price of gas was $3.62. On June 12, the International Energy Agency said demand for oil would still rise in 2013, but not as much as previously believed due to the economy. Also, May OPEC production was the highest in seven months. Benchmark crude fell slightly to $95.31, and Brent crude rose to $103.27.
Read more about this topic: World Oil Market Chronology From 2003