Oil prices rise on unexpected shocks

referring to The price for Brent crude oil was up 1.68 percent as of 9:20 a.m. EDT to $79.38 per barrel. West Texas Intermediate, the U.S. benchmark for the price of oil, was up 0.85 percent to $74.48 per barrel. The price of oil will be influenced later in the morning when the U.S. Energy Information Administration publishes its latest monthly forecast. EIA in its last report raised its forecast for the price of Brent crude oil. A survey from S&P Global Platts revealed an expected drain of 4.8 million barrels of oil from the U.S. market last week, which would be further supportive of oil prices if it's accurate.

Oil prices could double by 2020, boosting electric car sales

Oil well (photo by John Hill) Enlarge PhotoDespite short term peaks and valleys, and a recent agreement by OPEC to ease production restrictions, the overall trend in oil prices is on the rise. Those levels would surpass the $147 per barrel that oil hit in 2008, and could represent nearly a doubling of today's gas prices. (Despite China's high incentive for electric cars, they still make up only about 3 percent of the market there. If Bernstein's forecast proves correct, it could provide a big boost for electric cars and bolster forecasts showing dramatic growth for electric cars between 2020 and 2040. It could also make those who have already bought electric cars especially grateful—maybe even smug.

Oil prices try to claw back on supply fears

As it stated in The price for Brent crude oil dropped roughly 6 percent in Wednesday trading for one of the sharpest declines in years. The drop was in response to concerns about global trade tensions and an announcement from Libya that oil production was recovering after weeks of unrest. In the meantime, labor action offshore Norway, interruptions at a Canadian oil processing facility and seasonal maintenance issues were just some of the factors constricting the global supply of oil. "Some of these supply issues are likely to be resolved, but the large number of disruptions reminds us of the pressure on global oil supply," the IEA's report read. Those concerns come amid looming fears that trade tensions will undermine long-term economic growth.

collected by :Frank Ithan