Bahrain Mirror: Oil prices rose on Monday, despite increase of crude oil drilling platforms in the United States, a news agency reported.

However, reports say that there is a possibility that the reform of US automobile efficiency rules for fuel consumption has boosted global oil prices.

The US federal regulators announced on Sunday that the reform of the rules of efficiency of cars, will enhance the consumption of fuel in the country by 500,000 barrels per day.

Brent crude for September delivery had rose 0.24 percent, i.e. 18 cents, to $74.47 a barrel by 7:03 GMT.

Experts believe that despite the ongoing increase of global consumption of oil, it is not offset by a rise in production to cover the increase in demand in the future, which threatens to lead to an increase in oil prices in the coming years.

Oil industry investments fell by 25% in 2015 and 2016, according to the International Energy Agency, as capital expenditure was fixed in 2017, preliminary data indicate a modest rise in 2018, despite oil prices rising by about 30%.

The World Bank predicts that the shortage of supplies, along with other factors, will push the price of Brent crude to $90 a barrel by the beginning of 2020, and may reach $105 a barrel.

Oil investor Pierre Andurand is betting on oil for years to come. "Brent could reach $ 00 a barrel this year and reach $150 by early 2020," he said. Others expect further modest price gains but still believe that weak supply will increase prices.

Analysts say that to avoid long-term price rises, companies need to start investing now, not just in rock oil.

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