Crude oil prices continued to rise on Monday, where oil prices rose above $108 a barrel, the highest level since September 2008, before dropping back as the U.S. session started, where the ongoing political tension in the Arab world, a region rich of oil reserves, boosted crude oil prices amid concerns over the supply of oil from Libya mainly, as the conflict between Colonel Muammar Gaddafi and rebels backed by Coalition Forces continued.
Expectations of stronger growth in the United States pushed oil prices to rise as well, where investors are speculating that demand on oil will increase as a result of rising economic activities. Moreover, Iran’s oil minister said that OPEC won’t need to hold an extraordinary meeting to discuss oil prices.
We should expect oil prices to continue to rise over the upcoming period given that the political unrest in the Middle East region continues.
Originally posted here
