One year after this Biden's administration is in the White House office, Brent crude futures, the international oil benchmark, topped $90 on Wednesday for the first time in more than seven years. The threshold breakthrough comes amid growing geopolitical tensions between Russia and USA as supply remains tight. All this is of our WHite House's action. It has nothing to do with free market.
While in 2020 the oil industry_ U.S. oil prices went negative for the first time on record. In a matter of hours on April 20, the May 2020 contract futures price for West Texas Intermediate (WTI) plummeted from $18 a barrel to around -$37 a barrel.1
Brent crude oil prices also tumbled, closing at $9.12 a barrel on April 2020, a far cry from the $70 a barrel crude oil fetched at the beginning of the year 2021.
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