Unexpected Demand, Mideast Unrest Push Up Oil Prices

Law360, New York (February 3, 2011, 5:19 PM EST) -- Oil prices are on the rise mostly due to stronger-than-expected demand, though Middle East unrest, the higher costs of developing fields and perhaps speculation have also played a role, experts testified Thursday at a Senate hearing.

Since last September, international oil prices have increased by more than 25 percent, and they just reached $100 a barrel for the first time in more than two years, Richard Jones, deputy executive director of the International Energy Agency, told the U.S. Senate Committee on Energy and Natural Resources....
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