How the Middle East instability is driving up global oil prices
Nairobi, Feb. 2 -- Recently, Kenyan energy regulators reviewed pump prices downwards in two consecutive months to understandably reflect low global prices that had persisted through to the end of 2023.
However, since the beginning of this year, the marker Brent Crude oil prices have increased from about $77 per barrel to around $83, which is contrary to general expectations of low oil prices in 2024.
Positive signs of economic recovery across the world and in particular the USA and China, and a rapid economic growth in India, are prompting optimism in oil markets, with prospects for increased oil demands and strengthened prices.
However, it is the ongoing spread of regional chaos associated with the Israeli/Palestinian conflict in Gaza...
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