FYI: It took nearly three years to happen, but oil prices finally did it. This week, prices for West Texas Intermediate (WTI) crude oil, the most popular benchmark for crude in the U.S., topped $70, and held there for the first time since 2014—the year oil collapsed on the back of one of the biggest gluts in modern history.
The market has come a long way since then. After bottoming out at $26 in January 2016, oil traded in a range between $40 and $55 for the next two years. It broke through the $60 barrier earlier this year, and now just a few months later, is knocking on the door of $70.
Regards,
Ted
http://www.etf.com/sections/features-and-news/energy-etfs-heat-oil-tops-70?nopaging=1
