According to experts, the price rise is predetermined by several factors. They include a fire at the Texas refinery on February 18. Operation of the enterprise refining up to 70,000 barrel may be suspended for two months. The suspension of operation provoked the sharp petroleum price rise.
Another factor is the concern over termination of oil supplies to the USA from Venezuela in response to the legal action of American ExxonMobile that may result in freezing of the multi-billion Caracas foreign assets.
Experts believe that the price rise is also provoked by expectations of OPEC oil export reduction. The OPEC Oil Ministers will discuss the hydrocarbon price at their regular meeting in Vienna. It is expected that this meeting may take a decision to decrease oil production.
Besides, there are negative expectations about Nigeria. Due to the conflict between the government troops and insurgents, oil supplies from this country also may become at risk.
On February 20, in Asian trading the price of the light US oil in futures contracts reduced by 81 cents down to US$ 99.20 per barrel. Experts explain this price reduction by the adjustment after the recent price flare-up.