I tried to summarize my thoughts about oil price changes, and try to understand the next weeks.
Will decrease price:
OPEC output is higher every month, increasing supply.
interest rates goes up, will reduce demand, less cars, less depending, less companies.
Will increase price:
Canada production outage
inflation, causing goods price to be increased
fracking extracting is costly, which is sensitive to interest rates, higher rates will cause less fracking, less supply.
I'm trying to understand to increasing factors, that released the price from 50-60\$ area into above 70\$ area.
Does anyone have ideas for why we are at high levels right now (and it looks like we will get higher)?