Energy oil is a naturally occurring petroleum product that is generally used in energy production and manufacturing. Energy oil is usually purchased for refining to produce diesel, gasoline, fuel oil, jet fuel, plastics, cosmetics, pharmaceuticals, and fertilizers for daily use. Therefore, its price has a huge impact on the global economy. Generally speaking, rising oil prices will increase travel and transportation costs, which will increase inflationary pressures, and personal consumption will usually stagnate. Therefore, rising oil prices will often weaken economic growth.
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