Oil prices continue to increase due to political unrest
Oil prices are continuing to go up. West Texas crude is now trading above the $92 dollar mark. GasBuddy says that for the first time since 2019, those prices can not be blamed on the pandemic.
They are now being fully influenced by political unrest in Russia, Ukraine, Kazakhstan, and Libya.
According to Patrick De Haan, “The forefront of concern right now has to deal with geopolitical tensions, but the coronavirus pandemic continues to weigh more in the back seat at present time, and of course, gasoline consumption has been weak seasonally. That also is kind of in the back seat to what’s going on overseas with these geopolitical tensions, but I do expect as we progress to spring, we will start to see rising demand and that will become more of an issue in the limelight.”
He says that the geopolitical unrest could spread and continue to push oil prices up even higher.