Vaccinating-WNY-658x90.jpg

Actions

Oil prices hit $65 for first time in years

Posted at 12:16 PM, Jan 24, 2018
and last updated 2018-01-24 12:20:01-05

A barrel of US benchmark West Texas Intermediate crude oil sold for more than $65 today — the first time since December 2014.

Markets Insider says it's a big deal because "it is the price point at which extraction oil is profitable for most drilling companies, depending on the method they use."

For years, oil prices have been at near-record lows, Markets Insider reports.

Crude prices have surged more than 40 percent in the past six moths, according to the Wall Street Journal. As of Jan. 19, inventories were at 411.6 million barrels, the lowest since February 2015.