Past events That Triggered Swings In Price Of Oil

Following are some of the events in past that triggered huge swings in price of Oil

• 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 oil crossed $80. Multiple factors were responsible for this high price. 1) OPEC announced an oil output increase lower than expected. 2) US stocks fell lower than experts predicted, 3) Changes in federal oil policies , 4) Leftist group in Mexico attacked six oil pipelines .
• In October 2007 US light crude oil 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 price 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 price 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 to low prices OPEC scheduled its meeting on November 18, 2008, a month ahead of scheduled meeting to discuss cutting oil production as oil experiences declining world demand.