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Is The Oil Price Set To Move Higher?

A the oil price moves menacingly back towards highs reached early last week, there are concerns that the uneasy standoff between Iran and Israel is set to cause more friction and concern in world oil markets. The price of Brent crude is now hovering just under $142 a barrel, having broken the $142 level last week before a small bout of selling kicked in. But can the price of oil really move higher?

This week starts with news of yet another international meeting to discuss the soaring price of oil, one which looks like delivering exactly the same as the Saudi Arabian meeting, exactly nothing. The recent round of meetings has actual exaggerated the problems in the market by making investors fully aware of the concerns of governments around the world, and the fact that they have very little control over the oil price.

OPEC has been very inactive of late, leaving supply levels the same for many months, and seems happy to see the price of oil gradually creep higher and higher. However, the truth is that international tensions between the likes of Israel and Iran have the potential to bring many more countries into the fray and cause serous unrest around the world.

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