The price of nearby WTI crude oil futures has not been materially under $65 per barrel in almost four years, but that level could soon be breached for a variety of

Oil futures settled higher Friday, buoyed by reported U.S. plans to refill the nation’s Strategic Petroleum Reserve to full capacity, which would lead to tighter global supplies.

Oil prices fell on Monday afternoon to their lowest level of the year after the OPEC oil cartel and its allies affirmed plans to gradually increase crude production beginning in April.

Oil settled largely unchanged in choppy trade on Thursday, with global benchmark Brent closing below $70 a barrel under pressure from tariffs between the U.S., Canada, and China, and plans by OPEC+ to raise output.

The international benchmark fell to its lowest point since 2021 after a decision by Saudi Arabia and other producers to pump more crude surprised the markets.