Why is oil price rising and what’s the way forward?
There is a hike in prices due to an increase in demand and supply shortages
Over the past month, natural gas and crude oil prices have shot through the roof, rallying about 14% each. In fact, since the beginning of the year, oil is up 63.5%, reaching a 7-year high on the back of buoyant demand and limited supply. Natural gas prices have risen even more strongly—more than tripled in Europe and almost tripled in the UK. This has widespread implications for global growth, inflation and the real economy.