The Price of Oil's Unpredictability: A Market That Defies Consistency The current price of oil is $96. 11 per barrel, up from $2 since yesterday morning and roughly $26. 50 more than at this time last year.
On the surface, it appears to be a straightforward story about rising oil prices. However, the relationship between supply, demand, and geopolitics is far more complex. Oil prices have historically been inconsistent.
The industry has experienced spikes driven by wars and supply cuts, as well as crashes linked to global recessions and an oversupply.