Why are crude oil prices going up?
Weak dollar and thus gradual weakening of single point USD currency control on crude demand market have added to the recent rally. Oil has become a commodity which unlike other traded commodities is (over)sensitive to currency movement, big speculations, energy sufficiency and security, geopolitical tension and even to the economic growth of individual countries like US. All these variables, which are uncontrollable by any defined means, have infused more errors and thus have taken the product pricing driven away from the market fundamentals or simple supply demand dynamics. But, why are the petroleum prices going up only now? Most of the developing countries and specially India had not aligned the petroleum prices with crude prices although a correction was due. The so-called correction on crude prices has turned out to be a subject of speculation and the upward trend is not showing any sign of dying down any time soon. It has become impossible to keep a lid on petroleum prices, even
