Chart of the Day - Oil Prices Spike Again

Chart of the Day

The decline in crude oil prices that began in mid-2008 was historic – plunging over $90 per barrel in just eight months. Over the past four months, however, crude oil prices have spiked up nearly $30 per barrel. Today’s chart provides some perspective on the historic decline and recent spike with a long-term view of inflation-adjusted West Texas Intermediate Crude. Today's chart illustrates that most oil price spikes were a result of Middle East crises and often preceded or coincided with a US recession. It is also interesting to note that the recent spike in oil prices has brought the price of oil back to a relatively high level – a level that was surpassed only during the major price spikes of 1979-1982 and 2005-2008.

Notes:
- Where's the market headed? The answer may surprise you. Find out right now with the exclusive & Barron's recommended charts of Chart of the Day Plus.

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Quote of the Day
"To keep a lamp burning we have to keep putting oil in it." - Mother Teresa

Events of the Day
June 06, 2009 - Belmont Stakes
June 14, 2009 - Flag Day
June 15, 2009 - US Open golf tournament begins (ends June 21st)

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