Oil Price Climbed Due to Limited supply
January, 04 2017
Oil moved higher this day as price hikes caused by the supply reduction of crude from top oil exporters such as Saudi Arabia. Moreover, the appreciation of U.S. dollar and steady advancement of the economy have limited returns.
Physical oil supplies were limited since production output has significantly lessened which was enacted to end the oil glut. Hence, oil producers were propelled to raise its prices. On the other hand, imports also became expensive because of U.S. dollar strengthening. The official selling price is set to increase in February.
