North Sea Brent crude oil—the most important global benchmark for waterborne light sweet crude—traded in the narrowest price range since 2006 last year, according to the US Energy Information Administration . Historical price volatility in 2013 also was at its lowest level in more than a decade. The minimum closing price for 2013 was $97.69/bbl on Apr. 17, and the maximum closing price was $118.90/bbl on Feb. 8, representing a trading range of $21.21 for the year. Brent oil price volatility was dramatically high during the fall of 2008 and early 2009. This was caused by rapid transitions from concerns over global oil supply and strong increases in emerging-market oil demand to concerns associated with a severe global economic downturn. Demand-side uncertainty sustained in 2010 as the European debt crisis emerged and the recovery from the economic downturn was not as robust as expected. In 2011, oil price volatility […]