The price of oil inches towards $80 a barrel

May 15, 2018, 5:08pm


eTorro

JUST three years ago, oil prices were in free fall. Spurred by the rapid growth of fracking in the United States and Saudi Arabia’s decision to keep producing large volumes of crude, the price of a barrel of oil lost more than two-thirds of its value in 2014-15. After hitting bottom at about $30, the trend reversed.
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