Oil Is Making Waves Again and Here's What Investors Need to Know

Oil traders have certainly had an eventful year so far. WTI crude oil prices have ranged as low as $26.03 back in February to a high of $51.64 in early June. Whereas, brent crude oil prices were as low as $27.08 in January and as high as $52.83 in June. Mixed economic signals, oversupply gluts and OPEC politics have all attributed to the volatility we’ve seen this year and investors haven’t emerged from the rapids just yet. Back in April, a production freeze was hinted by OPEC, a move that would’ve stymied the drop in oil values and helped to shore up the supply glut. However, no agreement was reached and member countries continued to produce oil. But this week, production freeze talks were renewed with the freeze taking place possibly in September. The news boosted oil prices by 3% on Monday and left investors wondering if this time things will be different.