Issues and Foresight
Economic outlook
04 March 2020
Oil prices, having soared to over $70/b at the start of 2019, fell back after May to levels of between 60 and $65/b. They briefly climbed back to the $70/b mark at the end of the year on the back of geopolitical tensions
Oil prices fluctuated between $50/bbl and $86/bbl in 2018 for an average of $71/bbl, up 31% from 2017.