Global Oil Supply/Demand: Production levels from OPEC+ nations, geopolitical events disrupting supply, and worldwide economic activity affecting demand heavily influence oil prices.

Economic Indicators: Overall economic health, particularly in major consuming nations like the US and China, impacts oil demand and, consequently, prices.

Geopolitical Events: Conflicts, political instability, and sanctions in oil-producing regions can significantly disrupt supply and increase price volatility.

Inventory Levels: Crude oil and refined product inventory levels in major storage hubs provide insights into supply/demand balance and affect pricing.

Currency Fluctuations: As oil is typically priced in US dollars, dollar strength or weakness impacts prices for buyers using other currencies.

Weather Conditions: Extreme weather events, such as hurricanes, can disrupt production, refining, and transportation, leading to price spikes.

Refining Capacity/Margins: Refining capacity constraints or strong refining margins can influence demand for crude oil and impact prices.

Alternative Energy Sources: The development and adoption of alternative energy sources can gradually reduce oil demand over the long term.

Technological Advancements: Advances in oil extraction technologies, such as fracking, can increase supply and potentially lower prices.

Investment Flows/Speculation: Investment funds and speculative trading activity in the oil futures market can amplify price movements.