Supply and Demand: Crude oil prices, including WTI, are primarily driven by the balance between global supply and demand. High demand and limited supply lead to price increases, while oversupply pushes prices down. Geopolitical Events: Political instability, conflicts, or policy changes in oil-producing countries or regions can disrupt supply and significantly impact prices. Economic Indicators: Strong economic growth typically translates to higher energy consumption, increasing demand for oil and pushing prices upward. Conversely, economic slowdowns can weaken demand and lower prices. OPEC+ Decisions: Decisions made by the Organization of the Petroleum Exporting Countries (OPEC) and its allies regarding production levels have a major influence on global oil supply and, consequently, WTI prices. Inventory Levels: Changes in crude oil inventories, particularly in major consuming countries like the United States, can signal shifts in the supply-demand balance and influence prices. Refinery Capacity: Refinery capacity and utilization rates affect the demand for crude oil. Limited refinery capacity or disruptions can decrease demand and potentially lower prices.