Past events That Triggered Swings In Prices Of Petroleum

Following are some of the events in past that triggered huge swings in prices of petroleum

• In January 1999 , after increased oil production from Iraq coincided with the Asian Financial Crisis, which reduced demand A low point was reached at $16( US$ per barrel), .
• In september 2006 , US crude crossed $80. Multiple factors caused this high price. OPEC announced an output increase lower than expected. US stocks fell lower than experts predicted, changes in federal oil policies , and six pipelines were attacked by a leftist group in Mexico.
• In October 2007 US light crude rose above $90 for the first time, due to a combination of tensions in eastern Turkey and the reducing strength of the US dollar.
• On November 19, 2007, global oil prices reacted strongly as OPEC members spoke openly about potentially converting their cash reserves to the euro and away from the US dollar.
• On July 11, 2008, oil prices rose to a new record of $147.27 following concern over recent Iranian missile tests.
• On October 10, 2008, oil traded below $85 on the New York Mercantile Exchange. In response OPEC has stated that it will meet November 18, 2008, a month ahead of their regularly scheduled meeting to discuss cutting production as oil experiences declining world demand