According to the Vienna-based cartel, the average price per week of oil-exporting countries (OPEC) rose to $ 122.87 per barrel. According to the latest weekly report, the highest rate of growth of prices - a price last seen in July 2008.
After rising for five consecutive weeks, oil prices climbed to $ 12 (or 10 per cent) per barrel.
Below are the main factors associated with an increase in oil prices:
Iran, the second largest exporter of crude oil OPEC controls the Strait of Hormuz, which is the most important thing in the world maritime oil transport corridor. The geographical component of the crisis has a great influence on the rise in oil prices. This is due to the Iranian nuclear issue.
The presence of other exporters of crude oil - especially exporting countries in the Gulf region - this is only an obstacle in raising oil prices.
Some analysts believe that the arguments on the Iranian nuclear issue can lead to local military conflicts. As a consequence - it can lead to disruptions in the oil transportation system.
Because of the speculation in the crude oil market Greece is trying to avoid default by restructuring the debt. The growth of the euro as a result of the fall of the dollar along with a resolution of the issue of Greece's debt crisis caused demand for future investments in crude oil, which is a key factor for the rise in oil prices.
Oil prices have risen because of positive economic data from the U.S.. Official statistics show that in the U.S. in February, was created about 227,000 new jobs. This negates the previously stated speculation.
The economic situation is a strong factor for the increase in oil prices. Due to the rise of investor sentiment index Standard & Poor 500 rose 0.3 percent to 1.370 points. Thus, this led to an increase in oil prices.
Rising oil prices have a long-term effect. As a consequence - the producers in order to maximize profits can splash out on the market large volumes of oil.