Let's look at the reasons for the rise. First of all, although the international oil price has not reached the previous high 140 USD/barrel, it has been rising, and now it is basically around 80 USD/barrel. It is mainly because the US dollar has fallen sharply in the past two years, which has led to the soaring international commodity prices, including coal prices, and also led to the rise of oil.
Secondly, oil is a non-renewable resource, but it is also a widely used strategic resource and raw material, and its importance is self-evident. With the development of global economy, the dependence on oil is gradually increasing, which will also promote the shortage of oil.
However, oil prices cannot go up all the time. This is because, first of all, the International Organization of Petroleum Exporting Countries (OPEC) specializes in supervising the supply, demand and production of oil. Excessive oil prices will lead to a slowdown in the international economy, which no one wants to see, so it will increase oil production and also lead to a decline in oil prices. Secondly, it is expected that the United States will tighten monetary policy every year, which will also lead to a decline in oil prices. Finally, because of the epidemic, the global economic development momentum will be insufficient, which will indirectly push down the oil price.
Therefore, it is expected that the oil price will reach a high level soon, and then it will fluctuate and fall back.