Last week the price of West Texas Intermediate (WTI) crude oil, the primary U.S. benchmark, fell to a 17-month low. The price, $45.88/bbl, marks a stunning fall from a price that closed at $76.40/bbl on October 3rd. So, what has caused this roller coaster ride, and where are prices headed as we head into 2019? Let’s first review how to we got to sub-$50 oil as we near the end of 2018. That’s important, because I think it strongly influences what is likely to happen in 2019. Why Oil Prices Rose in 2018 In my 2018 predictions , which I will grade in a couple of weeks, I projected that oil prices would reach $70/bbl in 2018. The price of WTI, the U.S. benchmark, rose to that level in May and remained there for most of the summer. There were several reasons I expected oil prices to rise. The […]