The reasons why crude oil prices are rising.
Many factors are affecting the high prices of crude oil and gasoline. (Photo: CNBC)
“Why crude oil prices are rising?”
The question as to why crude oil prices are rising is now being asked by many consumers. Just recently, crude oil and gasoline prices have been going up way too fast and consumers are not able to keep up with such expensive prices, hence, asking the question as to why crude oil prices are going up is what they do to understand the situation more.
Crude oil is said to have been experiencing a two-week high already and one of the reasons why the question as to why crude oil prices are rising was prompted. The dollar index was recently declining which makes it a reason why crude oil prices are going up.
Another reason why crude oil prices are rising is that crude inventories done weekly were also said to be dropping. Concerns about slowing energy demands were also raised to somehow ease the reasons why crude oil prices are rising.
According to a published article by barchart, in order to lessen questions about why crude oil prices are rising, the Biden administration is thinking of taking measures in order to increase crude supplies to the US. The conflict between Ukraine and Russia is also seen as a reason why crude oil prices and rising.
Rebounding Of China’s Economy
In a published article by Reuters, China’s economy is finally rebounding. This fortunate event could greatly affect oil prices as it will be a positive driver.
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