1. Geo-political tensions.
2. Global demand for oil is growing.
3. Reserve Replacement Ratio for oil is less than one meaning more oil is being drilled out of the ground than is being discovered.
4. Shortage of refineries to process crude into end-use products such as petrol and diesel.
5. Developing nations driving demand.
6. Hedging of crude against dollar.
7. Futures trading in crude is leading to speculation.
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