Over/Under: What Happened To $60 Oil?

For the last several years, analysts have argued that the price of oil would stay relatively stable around $60 per barrel (/bl). The argument was that any increase in oil prices would be met by a combination of increasing US shale production and global transportation efficiencies, such as more-efficient engines and greater use of hybrid and other forms of electric vehicles (EV).

Yet prices for both Brent and West Texas Intermediate have risen significantly above $60/bl this year, with the former currently at $74.77/bl and the latter at $68.54/bl.

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