Winter to push oil prices up: Expert

TEHRAN Oct 27 (Shana)–The winter cold and rising Washington-Moscow disputes over Ukraine should lead to the upward trend of oil prices, said an energy expert.

Hassan Moradi, a senior energy expert, believes that fluctuation of prices is inherent in oil markets of the world and the prices have never been stable in years. 

The recent decline in oil prices is due to various reasons including slashed oil imports by the US, the economic recession in China, Ukraine’s upheaval and the turmoil in Libya, said Moradi. 

He added that Saudi Arabia’s lack of cooperation with other OPEC members is another reason that has led to the falling prices. 

However, he said, the rising US-Russia dispute over Ukraine and the usual cold snap in the winter are factors that are expected to pull the prices up in the global oil market.

By SHANA

 

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