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Oil Price Factors Explained

Posted by Jessica Nesterak on Oct 8, 2018 8:00:00 AM
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Oil prices are a critical component of the world's economies, with influences that span from employment trends to  investment flows and beyond. Moreover, oil's value has  a close impact on transportation and manufacturing costs. But, what drives the price of a barrel of crude?

The infographic below, created by our friends at Aspect Enterprise Solutions, provides a 360-degree overview of the factors that determine oil prices. 

Some quick takeaways before you check out the oil price graphic below:

  • The basic principals of supply and demand are a main driver in the oil market. But, remember, petroleum price changes tend to result from uneven production and consumption across the globe.
  • Natural disasters and events can rattle the oil chain.
  • The trade of oil futures -- paper contracts that value a barrel of crude -- has impacted prices since the early 1920s and money flow is a huge fundamental in this market.
  • Geopolitics and OPEC decisions also contribute to volatility.
Find Out What Determines Oil Prices

Crude Oil Infographic

Tags: Crude oil, Futures Market

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