The volatility of crude oil prices has declined as waning concerns about future economic growth have prompted price rises.
According to the EIA, during the first three month of 2016, crude oil prices were relatively more volatile than in recent history due to high levels of uncertainty relating to supply, demand and inventories coupled with the low oil price.
Prices have risen as concerns about future economic growth have abated and the level of inventory growth has slowed.
Volatility levels in March were the highest since early 2009, when crude oil prices were falling in response to the financial crises and to a drop in demand for petroleum products.
The EIA suggests that some reason for volatility in crude oil prices include uncertainty about future production levels in key oil-producing levels, global economic growth and crude oil inventories and storage capacity constraints.