The crude which was trading around $50/bbl at the beginning of the year 2017 climbed to $68/bbl in the first week of January 2018, resulting in a rally of over 20 percent in the crude oil prices in the last one year.
Higher oil prices do pose a concern for fuel importing countries like India which would have an adverse impact on the economy as well as companies which used crude as part of the raw material in their product.
The rally which started in the crude oil price may not be over yet. Most experts tracking the commodity sees it heading towards $80-90/bbl in the next two years.
The rise in global crude prices is backed by output cut by OPEC & Russia, freezing weather in the US which has fuelled demand for heating oil. Strong economic data from major economies, and falling crude oil inventories coupled with Middle East tensions will keep the commodity on trader’s radar.
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