What factors influence oil prices?

Oil prices are heavily influenced by traders who bid on oil futures contracts in the commodities market based on their perceptions of the future supply and demand for oil. Futures contracts and oil derivatives are traded daily, which acts to influence the price of oil.

How are oil prices determined?

The price of crude oil is affected by a variety of factors, including supply and demand, geopolitical events, and economic conditions. The price of crude oil can also be influenced by market speculation and other factors that affect the global oil market. Gasoline and petrol are two terms that are often used to refer to the same type of fuel.

How has the oil price changed over time?

The price of oil is the most important value on international commodity markets since crude oil is the most important commodity. Emerging industrial markets such as China, India and Latin America greatly influence the price of oil, since they require more and more oil to support their economic growth and resulting rise in energy consumption.