Title: Multiple reasons behind the oil price rise
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Multiple reasons behind the oil price rise
The reasons for the oil price rise:
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Oil prices in the coming weeks:
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Content: Oil supplies in the U.S. West Coast increased, with the stockpiles there jumping by 2.31 million barrels contributing to the overall increase in oil -341.6 million bbl. Still, oil managed to override this supply excess and touch the $80 a barrel mark. The reasons for the oil price rise: While there are many reasons for the increase, some significant ones are: According to the U.S. Energy department, refinery utilization in the U.S. rose to 81.9%, an increase by 0.7% for the week ending February 26. The refinery operating rates were the highest since October. For its part, the high refinery cost has compensated for any possible decrease in the price of oil. In addition, the US fuel demand was at 19.3 million barrels for the last four weeks an increase of 3% from last year-according to the department. Amid this, there were reports of rebel groups attacking oil installations in Nigeria. As Nigeria is Africa's largest oil producer, investors feared for the oil exports from the region.