The FactorName should be less than 25 characters. Supply and Demand: Global oil supply levels and demand fluctuations heavily influence the price. Higher demand and lower supply typically drive prices up, while lower demand and higher supply push prices down. Geopolitical Events: Political instability, conflicts, or policy changes in oil-producing regions can disrupt supply and significantly impact prices. Economic Indicators: Global economic growth or recession influences oil demand. Strong economic growth usually leads to increased demand and higher prices. US Dollar Strength: Oil is priced in US dollars, so a stronger dollar can make oil more expensive for buyers using other currencies, potentially lowering demand and prices. Production Decisions: Decisions made by OPEC+ regarding production quotas significantly affect global oil supply and, consequently, prices. Inventory Levels: Changes in crude oil inventory levels, especially in major storage hubs like Cushing, Oklahoma, provide insights into supply and demand balance, influencing prices. Refinery Operations: Refinery maintenance and capacity influence demand for crude oil, which affects prices. Weather Conditions: Extreme weather events can disrupt production and transportation of oil, impacting supply and causing price volatility.