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Lexstar Energy Correctly Predicts Rising Oil Prices
Oil prices have been on the rise the last few weeks.
Unrest in the Middle East has been one of the main factors in the price of crude oil.
On August 20th, Lexstar Energy noted that The US State Department had issued a travel alert to travelers in the Middle East and North Africa.
By looking at the history of unrest in the Middle East, Lexstar determined that oil prices were likely to increase as a result.
That prediction turned out to be correct.
Crude oil was priced at approximately $105 per barrel at the time. Today, the price has risen to over $110 per barrel and continued unrest in the Middle East will likely lead to more increases.
Crude oil has a history of being volatile during times of unrest in oil producing regions. Prices can rise and fall depending on the immediate news coming out of the area.
Prices can fall on days when peace talks resume and prices can rise on days when war rages on.
It’s a volatile situation in the Middle East. America continues to be dependent on foreign oil in the near term and escalation of activity in the Middle East will lead to higher oil prices.
To stay up-to-date on factors affecting oil prices today visit the Lexstar Energy Oil website (www.lexstarenergy.com).
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