Oil Price may hit above $70 soon: OPEC+ will not buckle under pressure
With the latest OPEC+ decision, which was a foregone conclusion anyway in light of the enormous power that Saudi Arabia wields in the organization, the crude oil price started rocketing on Friday, despite the substantial increase in crude oil stockpiles in the US. Usually the US crude oil stockpiles is a reliable indicator when it comes to determining the price of oil; the higher it goes, the lower the price becomes. This time, however, the crude oil price defied the rising crude oil inventories while adding yet another surprise to the spectacle of crude oil price fluctuations. If the trend continues into next week, the price of crude oil, both Brent and WTI, will go beyond $70 a barrel; it will certainly be reflected at the pumps when you go to fill the tanks. In the United Kingdom, motorists already feel the significant rise in price at service stations, having been unable to put their vehicles on the roads when the price plummeted at the pumps – for obvious reasons. Worl