Oil Price News: Drop In US Rigs Points To Decreased Supply

Oil prices continued to rise on Monday, extending gains from last week. I Know First was able to predict this price increase in a forecast from last week.

Oil Forecast: Price Increases 19% In 4 Days

Crude oil prices surged 19% in four days since last Wednesday, the largest four-day percentage gain since 2009. Oil had tumbled from more than $107 to less than $45 a barrel in seven months due to slowing demand growth and a global supply glut.

Oil Price News: Crude Oil Trading Below $50 A Barrel

Oil prices fell at the beginning of the week, dipping back below $50, as analysts see little evidence of the combination of oversupply and sluggish demand that has pummeled oil prices subsiding.

Oil Price Forecast: Prices Continue To Fall As Goldman Sachs Slashes Forecasts

Both Brent and US crude are at their lowest level since April 2009 and have fallen for seven straight weeks. Global oil prices fell by more than $1 a barrel on Monday morning as analysts at Goldman Sachs lowered its short-term forecast.