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What is the quality that is key to decide the oil price?
Factors to determine the crude oil price includes:
To begin with in simple terms price is directly linked with supply vs demand. The more supply of crude oil there is in the market compared to its demand the cheaper it will be sold for. Similarly the more demand there is but not much of supply in the market, the price for crude oil will increase. One can see this by over production of oil by Russia, and USA and the introduction of IRANs produced oil into the market by the lifting of sanctions.
There are four key components that determine the price of gasoline. The cost ofcrude oil accounts for 65% of the price of gasoline. The cost of a barrel of crude oilis determined by global supply and demand. If the worldwide demand for crude oilis high, and supply low, oil prices will be high.
Oil prices are determined by commodities traders who bid on oil futures contracts in the commodities market. These contracts are agreements to buy or sell oil at a specific date in the future for an agreed-upon price.
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