This week the price of WTI Crude Oil hit $75, which is a far cry from the freak day of negative prices that occurred less than 18 months ago, when you could have theoretically been paid $37 to take delivery of a barrel of oil, as storage shortages froze the market.
Oil spill
Oil's been getting more expensive this week for a number of reasons. Firstly, the natural gas crisis in Europe (which we wrote about last week) has been spilling over into other energy markets. As an alternative source of power generation oil has been a little more in demand, as gas prices have soared.
There have also been some supply disruptions from Hurricane Ida and a global economy that is slowly getting back to travelling and transporting at its usual volume. Put all of that together and you get oil prices at a 3-year high.
