Supply and Demand: Global oil supply from OPEC+ and other producers greatly influences price. Higher demand, driven by economic growth or seasonal factors, pushes prices up, while oversupply leads to price drops.

Geopolitical Events: Political instability, conflicts, or sanctions in oil-producing regions (e.g., the Middle East) can disrupt supply and cause prices to surge due to perceived or actual shortages.

Economic Indicators: Strong global economic growth typically increases oil demand, leading to higher prices. Conversely, economic slowdowns or recessions reduce demand and push prices down.

Currency Exchange Rates: Oil is often priced in US dollars, so fluctuations in the dollar's value can impact the price of oil in other currencies. A weaker dollar can make oil cheaper for buyers using other currencies, potentially increasing demand and prices.

Inventory Levels: Crude oil and refined product inventory levels reported by organizations like the EIA provide insights into supply and demand balances. High inventory levels suggest ample supply and can depress prices, while low levels indicate tighter supply and can support prices.

Alternative Energy Sources: The development and adoption of alternative energy sources (e.g., solar, wind, electric vehicles) can gradually reduce reliance on oil and potentially put downward pressure on long-term oil prices.

Refining Capacity: Limited refining capacity can constrain the supply of gasoline and other refined products, even if crude oil supply is abundant. This can lead to higher prices for refined products, which indirectly affects crude oil prices.

Weather Conditions: Extreme weather events, such as hurricanes in the Gulf of Mexico, can disrupt oil production and refining, leading to temporary price spikes.

Speculation: Speculative trading in oil futures markets can amplify price movements, especially in response to news events or anticipated supply/demand shifts.