The crude oil prices jumps back over $100 from $97 per bbbls earlier after the news of blast in a Refinery in Texas. This is second time that oil prices have breached the $100 per barrel level. About one month back the oil prices touched the triple digit mark for the first time but soon retreated back. During the recent recession fears the prices fell back to the level of $80s. Some of the retreat was due to better supply over demand. Even though the recession fear is not totally out, and the supply-demand equation in the near future is intact, the oil prices have been rising because of speculation.
Some of the possible triggers for the recent uptrend seen in the oil prices:
OPEC meeting for decreasing production
Political issues between U.S. and Venezuela
Exxon-Venezuela conflict
Political instability in Nigeria
Blast in Texas Refinery
Some of the possible triggers for the recent uptrend seen in the oil prices:
OPEC meeting for decreasing production
Political issues between U.S. and Venezuela
Exxon-Venezuela conflict
Political instability in Nigeria
Blast in Texas Refinery
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