Since prices are determined by supply and demand, an rise in the price must be caused by one..or both. Did the price go up, or did the supply curve shift to left (upwards)?
Either way, I the answer would depend on the price elasticity of the demand curve (slope). A very inelastic demand curve would not be affected by a change in price. However, a very elastic demand curve would react by a change in the price of oil. How much? Depends on the slope (elasticity).Imagine that the price of oil rises by 10%.It is likely that the demand for oil will fall,but by how much,why?
Demand for oil is price inelastic, and for that reason we would expect a very small drop in demand.
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