The factors behind the increase in the price of oil

Today global crude oil prices are hovering around US$70 a barrel, compared with merely about US$20 in 2002. Earlier on April 21 and 24 the price of a barrel of oil reached $75.35 on the New York Mercantile Exchange, the highest since the contracts began trading in 1983. So what are the reasons for oil prices?

The causes contributing to the rise of oil prices can be chiefly divided into two categories, namely apparent and underlying causes. The apparent reasons can be summarised as follows:

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