Question

During the financial crisis of 2008, the price of a barrel of Brent crude oil fell a high of $140 per barrel to around $50 per barrel. What is the percent decrease in the price of oil that occurred during this period.

Answer 1

Answer:

  decrease of 64.3%

Step-by-step explanation:

Percentage change can be calculated from ...

  pct change = ((new value)/(original value) -1) × 100%

  = (50/140 -1) × 100%

  = (-9/14)×100% = -64 2/7% ≈ -64.3%

The price of crude fell about 64.3% in that period.