Back in 2008, oil broke through the $100 level for the first time, leading some to predict prices would spike to $200 due to surging demand from China and India. Then oil plummeted to $34 during the Great Recession before rebounding sharply.
Crude bounced between $90 and $110 over the past three years, trading above $100 as recently as late July. But that’s when prices collapsed under the weight of a supply glut caused by North American production, including U.S. shale companies that need higher prices to be profitable.
Related: Big Oil loses $200B from oil crash
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