Crude oil prices behave much as any other commodity with wide price swings in times of shortage or oversupply. The crude oil price cycle may extend over several years responding to change in demand as well as OPEC and Non-OPEC supply.
In the absence of prices control the
But on Thursday 2008, Crude oil hit a new all-time high of $105.97 a barrel. In my opinion (from article and news that I got) the reasons of Crude Oil Price increase significant are :
- Weakness of US dollar
- OPEC's decision not to boost supplies
- Some speculations and traders make a huge speculation with move their investment to gold and crude oil
If the Crude Oil will increase more and more for next days, I think we are in the big trouble, because inflation will be high and World Crisis II will come.You can see the forecast crude oil price here