Chart of the week: Oil prices near multi-month lows

Oil prices have seen a notable decline since peaking near term in April around $87 per barrel. As of early December, West Texas Intermediate crude oil is trading just below $70. Lower oil costs have decreased operating costs across a number of sectors, especially those heavily reliant on energy inputs. That has played a role in boosting stocks—cyclical sectors in particular—throughout the year. More recently, as Middle East tensions have cooled to some extent, oil prices have continued to hold below $70 per barrel, providing additional fuel to the late-year rally.