The main reasons for current high crude oil prices are
1) Over speculation in the F&O (Futures and Options) market.
2) The crisis of Nigeria compounded the speculation.
3) The fear of U.S taking military steps against Iran.
4)The rising energy demands in the emerging markets like India, China etc
Probably the price of the crude will remain at the level of 100$ per barrel.
But the current highs of 127$ a barrel shall burst the bubble.
Once again if military action is take against the Iran. Then again a crisis can occur in the global oil markets.
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