Oil prices have risen again

The price of oil rose again on Tuesday and stabilized around $33.25 per barrel. The next increase came after prices fell by 6% on Monday amid the ongoing Palestinian-Israeli peace negotiations in Egypt. Over the past week, negative news from the Palestinian-Israeli conflict zone increased oil prices by 13%. The main reason for such a sharp increase was the fears of importing countries that Middle Eastern exporting countries might support the Palestinians and limit supplies.

During main trading on the New York Mercantile Exchange, the price of oil contracts for delivery in November fell by more than $2 per barrel (6%) on Monday in anticipation of a positive outcome of negotiations, but in the electronic trading system after the exchange closed the price rose again by 33 cents (1%) and stabilized at $33.25 per barrel. So far, no progress has been achieved in the negotiations. Analysts note that a breakdown in the negotiation process will again lead to a jump in oil prices.