Three decades ago , the spike Movement.up.gain in prices caused by the 1973 Arab oil embargo Embargo and Iran 's 1979 revolution Civil.unrest sapped Cause.movement.down.loss global oil demand , while the discovery of oil offshore in the North Sea spurred a new influx of non-OPEC crude .

For now , however , the U.S.-led spike Movement.up.gain in output and diminished Slow.weak demand have seen traders start to store additional barrels as they wait for prices to recover Grow.strong .

But the biggest hit across the sector in Europe will be the spike Movement.up.gain in diesel and gasoline deliveries , which will cut Cause.movement.down.loss into the margins they can expect from their own production .

For now , however , the U.S.-led spike Movement.up.gain in output and vulnerable Slow.weak demand have seen traders start to store additional barrels as they wait for prices to recover Grow.strong .