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Oil Prices Notch a 7-Week Winning Streak. Here's Why. - Barron's

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Oil Prices Notch a 7-Week Winning Streak. Here's Why. | Barron's

Oil Prices Notch a 7-Week Winning Streak. Here’s Why.

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Oil prices recorded a seven-week winning streak, and it’s increasingly clear the gains are no fluke. Oil demand hit a record in June and is on track to stay at high levels for the rest of the year, according to the International Energy Agency, which released its monthly report on Friday.

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Related Knowledge Center: ENERGY BASICS: petroleum

State of Play

While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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