The worldwide crude crude oil has been rallying since early of this year. UK Brent oil is priced around 71 USD per barrel while US OIL is priced at 64.50 USD per barrel at the time of writing. The spike in oil price is perhaps due to uncertainty in oil producing countries such as Venezuela and Libya. OPEC has also systematically reduced it’s production, thus limiting supplies into the market hence adding bullishness into the oil market.
Last Friday’s encouraging jobs data from U.S has also contributed to a spike in oil price. We are fortunate that Malaysian’s Ron 95 is pegged at RM 2.08 per liter. While majority of us are Ron 95 users but will we see the rise of Ron 97 and Diesel price in Malaysia ? This is possibly likely as global oil price are trending higher at the time of writing.