July - Worst Month of the Year

On Friday, July 29, oil prices steadied after a week-long selloff, touching the lowest price since April. U.S. crude oil fell nearly 15% in July, making it the biggest monthly loss of 2016. The decline was blamed on high inventories of crude oil and slower than expected economic growth. One Friday the WTI price for September rose $0.46 and settled up 1% to $41.60. For the year oil prices are still up 55% over the 12 year low reached in the first quarter. The oversupply is due to refiners taking advantage of cheap crude and producing more fuel worldwide.