<P> From 1999 til mid 2008 , the price of oil rose significantly . It was explained by the rising oil demand in countries like China and India . In the middle of the financial crisis of 2007 -- 2008 , the price of oil underwent a significant decrease after the record peak of US $147.27 it reached on July 11 , 2008 . On December 23 , 2008 , WTI crude oil spot price fell to US $30.28 a barrel , the lowest since the financial crisis of 2007 -- 2010 began . The price sharply rebounded after the crisis and rose to US $82 a barrel in 2009 . In July 2008 oil reached a record peak of US $147.27 but by February 2009 it sank beneath $40 a barrel . On 31 January 2011 , the Brent price hit $100 a barrel for the first time since October 2008 , on concerns about the political unrest in Egypt . For about three and half years the price largely remained in the $90 -- $120 range . In the middle of 2014 , price started declining due to a significant increase in oil production in USA , and declining demand in the emerging countries . The oil glut -- caused by multiple factors -- spurred a sharp downward spiral in the price of oil that continued through February 2016 . By February 3 , 2016 oil was below $30 -- a drop of `` almost 75 percent since mid-2014 as competing producers pumped 1 - 2 million barrels of crude daily exceeding demand , just as China 's economy hit lowest growth in a generation . '' Some analysts speculate that it may continue to drop further , perhaps as low as $18 </P>
<P> From 1999 til mid 2008 , the price of oil rose significantly . It was explained by the rising oil demand in countries like China and India . In the middle of the financial crisis of 2007 -- 2008 , the price of oil underwent a significant decrease after the record peak of US $147.27 it reached on July 11 , 2008 . On December 23 , 2008 , WTI crude oil spot price fell to US $30.28 a barrel , the lowest since the financial crisis of 2007 -- 2010 began . The price sharply rebounded after the crisis and rose to US $82 a barrel in 2009 . In July 2008 oil reached a record peak of US $147.27 but by February 2009 it sank beneath $40 a barrel . On 31 January 2011 , the Brent price hit $100 a barrel for the first time since October 2008 , on concerns about the political unrest in Egypt . For about three and half years the price largely remained in the $90 -- $120 range . In the middle of 2014 , price started declining due to a significant increase in oil production in USA , and declining demand in the emerging countries . The oil glut -- caused by multiple factors -- spurred a sharp downward spiral in the price of oil that continued through February 2016 . By February 3 , 2016 oil was below $30 -- a drop of `` almost 75 percent since mid-2014 as competing producers pumped 1 - 2 million barrels of crude daily exceeding demand , just as China 's economy hit lowest growth in a generation . '' Some analysts speculate that it may continue to drop further , perhaps as low as $18 </P>
when did the price of oil start to drop
when did the price of oil start to drop
December 23 , 2008
December 23 , 2008