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Oil Prices

Ex.1 Read the description to the graph and correct the mistakes if any.

A recent low point was reached in January 1999, after increased oil production from Iraq coincided with the Asian financial crises, which reduced demand. The prices then rapidly decreased, more than tripling by September 2000, then fell until the end of 2001 before steadily increasing, reaching US $40 to US $50 per barrel by September 2004. In October 2004, light crude future contracts on the NYMEX for November delivery exceeded US $53 per barrel and for December delivery exceeded US $55 per barrel. Crude oil prices surged to a record high above $60 a barrel in June 2005, sustaining a rally built on strong demand for gasoline and diesel and on concerns about refiners' ability to keep up. This trend continued into early August 2005, as NYMEX crude oil futures contracts surged past the $65 mark as consumers kept up the demand for gasoline despite its high price. Crude oil futures peaked at a close of over $77 a barrel in July 2006, and in December 2006 at about $63.

Ex.2 Answer the questions:

1. Why did oil prices fall in January 1999?

2. How much was a barrel in 1997?

3. What is the highest oil price during 1994-1997?

UNIT 3

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