Posts Tagged ‘rise’

Oil price rising again

Oil price rising again

Oil price rising again

In the last ten years the oil price fluctuated a lot. In 1999 during the Asian Financial Crisis doubled by increased oil production of Iraq, the oil price was set at one of the lowest points in history: $17 per barrel.

After that low point the price started to move constantly upwards. In early 2008 the oil price hit $100 and by July, in the same year the oil set a new record high of $147.27 per barrel. The geopolitical aspect consisting in international concern over Iranian missiles tests played a very important role in reaching this high value for a barrel of oil. (more…)