Foreign media reports show that crude oil prices in the world market have been increasing rapidly due to growing tensions between the United States and certain Middle-Eastern countries.
Crude prices rose on Monday along with the U.S. stock market on forecasts for robust oil demand growth and concerns that output from OPEC producers would grow at a much slower pace in coming years, Reuters reported.
Accordingly, the price of a barrel of crude oil has risen to USD 75. The last instance when such a price was recorded was in March of 2015.
Analysts pointed out that even though global oil prices were relatively low at the beginning of 2018, it has now risen rapidly showing an increase of around 20% compared to the oil prices at the beginning of the year.
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