Consumers may have to say goodbye to the glorious days of low-priced oil products as recent developments in the United States may have put a decisive halt to the drop in oil prices for the past 20 months. A considerable decrease of 1.4 million barrels in U.S. commercial crude inventories last week could signal a recovering increase in the demand of the world’s biggest oil consumer. This is despite the fact that OPEC failed to reach an agreement in Vienna to lower or cap production to alleviate the ailing prices.
Falling to as low as $25 a barrel in January, oil prices are now closing in on the $50 mark at a consistent rate.
