Oil Prices - Parliament of the United Kingdom

6
The chart illustrates a number of patterns, perhaps most obvious of all is the general
volatility. As the chart is based on daily prices it does not smooth out trends in the way
monthly or weekly averages would. There was much volatility even in times of relatively
stable prices (2000 and 2001). When the underlying trend was upwards there were still
periods of sharp decline and vice versa. The following chart presents the same data
alongside a 30 day rolling average to help reduce the ‘noise’ from large daily variations.
Between July 1999 and early 2004 prices were relatively stable and remained in the $20-30
range for most of the period. One of the major falls during this time was just before the
invasion of Iraq when, in early March 2003, prices fell by nearly $10 a barrel. From early
106.69
0
25
50
75
100
125
150
Jul 99 Jul 01 Jul 03 Jul 05 Jul 07 Jul 09 Jul 11 Jul 13
Daily Brent crude oil prices, $/barrel
Source: Financial Times; HoC Library electronic holdings
0
25
50
75
100
125
150
Jul-99 Jul-00 Jul-01 Jul-02 Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13
Brent crude oil prices, $/barrel
Daily closing price
30 day rolling average
Source: Financial Times; HoC Library electronic holdingsSource: Financial Times; HoC Library electronic holdings
Page 6/14
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