Changes in Oil Price Over Time
Oil, like gold, is a commodity traded in markets all over the world. Commodities are traded every second when markets are open, and therefore, the price of a commodity changes frequently based on the trends of the global trading (which includes variables like the demand and supply of the commodity). The frequent change in oil price is referred to as oil price volatility. In the graph below, you can adjust the timelines to see how price of oil has changed over the years. If a particular point on the graph sparks interest (e.g., dramatic rise or fall in the price on oil), check the internet and news stories to see any significant events at that time that may have triggered the event.
