July 22, 2016
RECOVERY STALLED — The recovery of oil prices has definitely stalled, at least for now. The daily price of an OPEC barrel topped out above $48 for just a single day—June 9, when the price was $48.02. By Monday of this week, it had fallen almost five dollars. To put things in perspective, the average price so far this year is $36.95. That is barely one-third of the average price for the three-year 2011-13 period, when it was $107.59. The average price so far this year is barely ahead of the $36.05 average in 2004, a dozen years ago.