Business : Crude Oil Price Surge Not Only Driven By Supply And Demand But Also Shipping Costs, Insurance Premiums - Petronas

By Durratul Ain Ahmad Fuad KUALA LUMPUR, April 3 (Bernama) -- The surge in global crude oil prices to as high as US120 (US1 = RM4.02) per barrel following the conflict in West Asia is not purely driven by supply and demand, but is also influenced by geopolitical factors, shipping costs, and insurance premiums, according to Petroliam Nasional Bhd (Petronas).