Survey: Geopolitical Unrest pushed Wholesale Fuel Prices Higher in November

Ongoing tensions in North Africa and the Middle East contributed to last month’s rise in the price of wholesale energy, according to a recently published survey.

In November, oil prices per barrel became more expensive in the midst of worries that unrest in the region would interrupt the crude supply, leading the Bord Gáis Energy Index higher by 2 percent.

The index evaluates rates in the wholesale market for various energy commodities. Currently, it is higher by 5 percent compared to the same period last year.

Moreover, the increase in oil prices per barrel can be attributed to developments in the eurozone. Reports that a deal had been reached regarding the debt of Greece gave the market a sign that every effort would be made for Greece to stay in the eurozone.

In the meantime, the €37 billion added by the European Commission to four Spanish banks also aided the increasing investor sentiment.

The tensions happening in North Africa and the Middle East last November, as well as the probability that the conflicts could worsen next year, pushed crude oil prices higher.

The region reduced its daily crude output by about 1.7 million barrels in the past year, leading oil prices to a yearly record high.

Gasoline prices in the U.K. increased in the past month with the cold weather resulting in strong residential demand increases. Limitations in Britain impact the price of natural gas in Ireland, one of the Republic’s main supplier.