crude oil pricing

Crude oil pricing is determined primarily by global supply and demand. Factors like political stability, economic growth, technological advances, and production levels influence the amount of oil available and how much consumers want. When demand exceeds supply, prices go up; when supply exceeds demand, prices fall. The price is set through trading on markets where buyers and sellers negotiate based on their expectations of future supply and demand. Additional influences include geopolitical events, currency exchange rates, and production decisions by major oil-producing countries, especially within organizations like OPEC.