The price of oil approached a record high yesterday, hiking interest in next week’s OPEC meeting in Vienna, where observers hope the association will give some positive sign that production will increase. OPEC, however, seems divided on the matter, with the group’s president calling the market “very well balanced,” according to the Financial Times.
The latest price hike can be traced to growing Middle East tensions, particularly news that Israeli planes had entered Syrian airspace. Prices will likely remain high, one US oil executive predicts, because of strong demand from Asia and the Middle East coupled with a weak supply. US gasoline stocks fell 2.3 million barrels to their lowest level in almost two years.