Oil Prices Perk Up as Recession Worries Ebb and Supply Tightens - The Wall Street Journal
Oil Prices Perk Up as Recession Worries Ebb and Supply Tightens - WSJ
Updated Aug. 2, 2023 3:56 pm ET
Oil prices have surged to the highest levels in three months, as the economic outlook improves and supply cuts from some of the world’s biggest producers start to bite.
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Related Knowledge Center: ENERGY BASICS: petroleum
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.