Today crude oil experiences a surprise increase in price due to unforeseen circumstances. Canada, which is one of the leading countries in the oil industry, experienced technical problems in some of their key facilities, which caused a decrease in supply. Moreover, there is currently a dispute in Libya regarding who exactly gets to run oil exports, as there are two competing bodies, only one of which is officially recognized. This is creating an ambiguity as to whether exports from Libya will continue on schedule or not.
As a result, the Brent crude went up to $75.08, while the light crude was at $68.43.
Just last week OPEC agreed to increase oil production by 1 million barrels per day, causing a slight drop in oil prices. However, they are still producing less than is demanded, and with the new shortages it is likely that oil prices will continue to grow.
