The price of oil is on the rise. And this will also have an impact in Denmark, where drivers must prepare to pay more per liter of gasoline.
Gasoline prices are on the rise again after a period of stable prices. The recent increase is primarily due to a combination of factors affecting the global oil market.
One of the main reasons for the price increase is the increased demand for heating fuel. Icy weather conditions in both the US and Europe have caused oil consumption to increase significantly.
At the same time, concerns about possible supply disruptions have contributed to the price increase. Tightened sanctions against Russia, one of the world's largest oil producers, could potentially limit the supply of oil on the market.
In addition, falling oil inventories and China's economic stimulus packages also play a role in the rising oil price.
Analysts from JPMorgan point out that the low temperatures in large parts of the US and Europe will continue to increase demand for oil in the coming period.
Reuters writes.
The price increases in the oil market are notable as they are happening despite a strengthening of the US dollar. Normally, a stronger dollar would lead to lower oil prices as oil is traded in dollars.
It is expected that US President Joe Biden will announce additional sanctions against Russia, which could hit the Russian oil industry and further limit the supply of oil.
The price of gasoline is a crucial factor for many consumers and businesses, and rising prices can have consequences for both the private economy and general economic activity.
It is unknown how long the current price increase will last and whether it will continue in the coming weeks and months.
The situation in the oil market is complex and is influenced by a number of different factors that can change rapidly.
