The oil price could hit $300 per barrel and here is why!
Putin's War - The Invasion Of Ukraine
In February 24th, 2022 Putin invaded Ukraine and the world has imposed severe sanctions on Russia because of this. Russia is the 3rd largest oil producer after the United States and Saudi Arabia. A possible ban of oil and natural gas exports on that country may potentially take oil to price levels that have never been seen before!
The battle to return the world back to pre-pandemic normality is still ongoing. The supplies for oil are not keeping up with the demand, despite of this fact.
The demand for oil continues to be very strong. Any disruption in the delicate balance of supply sends the prices higher. Just look around at your nearest pump, and you can feel the pain of the increase in prices.
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