23 February 2015
Caution urged as oil prices rebound after near six year lows
Brent was trading roughly 50% below its June 2014 peak as Petroleum Economist went to press.
Oil prices rebounded from near six-year lows in January as the markets rallied on news of a steep drop in the US rig count and relatively positive US economic data. Brent was trading at $60.24 a barrel (/b) – roughly 50% below its June 2014 peak - and WTI at $50.67/b as Petroleum Economist went to press. Oil prices began falling in June 2014 as traders reacted to a growing supply glut, but prices have picked up since mid-January, with Brent gaining almost $20/b to touch $63/b by mid-February as long-standing short positions were closed in reaction to the decline in the US rig count. Traders were also starting to see light at the end of the tunnel following a spate of announcements from oil c
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
