Why does oil price increase?

Answer 1

THEIR IS A NUMBER OF REASONS BUT THERE ARE TWO MAIN REASONS THAT THEIR ARE HIGHER DEMANDS OF OIL IN OTHER COUNTRIES WITH LARGE POPULATIONS SUCH AS CHINA, AMERICA, AND AUSTRILIA. THE NEXT REASON IS THE RECENT IF NOT LATE ECONOMIC CRISIS OR ECONOMIC DIASTER THAT TOOK A HUGE PERCENTAGE ON OTHER COUNTRIES SUCH AS ENGLAND, NEW ZEALAND & Japan WELL I THINK THAT'S WHAT HAPPENS WHEN YOU TOTALLY DENPEN YOUR COUNTRIES ECONOMY ON AMERICA'S UNPREDICTABLE TRADE EHICH WAS HALF THE WORLD..!!! THEIR IS A NUMBER OF REASONS BUT THERE ARE TWO MAIN REASONS THAT THEIR ARE HIGHER DEMANDS OF OIL IN OTHER COUNTRIES WITH LARGE POPULATIONS SUCH AS CHINA, AMERICA, AND AUSTRILIA. THE NEXT REASON IS THE RECENT IF NOT LATE ECONOMIC CRISIS OR ECONOMIC DIASTER THAT TOOK A HUGE PERCENTAGE ON OTHER COUNTRIES SUCH AS ENGLAND, New Zealand & JAPAN WELL I THINK THAT'S WHAT HAPPENS WHEN YOU TOTALLY DENPEN YOUR COUNTRIES ECONOMY ON AMERICA'S UNPREDICTABLE TRADE EHICH WAS HALF THE WORLD..!!!

Answer 2

Oil prices can increase due to various factors such as supply disruptions, geopolitical tensions, changes in demand, economic growth, production cuts by oil-producing nations, and speculation in the oil markets. These factors can impact the balance between supply and demand, leading to price spikes.