How global trends affect local oil market

MANILA, Philippines – Amid the price hikes on petroleum products, the energy department’s chief for oil industry management on Monday explained how the trend in the global oil market affected the local oil market.

Oil Industry Management Bureau director Zenaida Monsada told Radyo Inquirer 990AM in an interview on Monday that it was hard to tell what the trend will be like due to shifting prices and fluctuating rates in the supply and demand.

She said that threats to peace and security in the Middle East, a major source of petroleum products for the country, had an impact on the way oil prices behave in the local market.

For more of the interview, listen to Radyo Inquirer 990AM.