WTI Crude Oil Price = 78.97 US Dollar +0.61 (+0.78%) Prev. Close: $ 78.36Why are oil prices so high?
High oil prices are caused by high demand, low supply, OPEC quotas, or a drop in the dollar's value. Demand for oil and gas follow a predictable seasonal swing. Demand rises in the spring and summer due to increased driving for summer vacations. Demand drops in the autumn and winter.When will oil prices drop?
Oil prices used to have a predictable seasonal swing. They spike in the spring, as oil traders anticipate high demand for summer vacation driving. Once demand peaks, prices drop in the fall and winter. Oil prices have become volatile thanks to unexpected swings in the factors affecting oil prices.