Crude oil prices are impacted by supply and demand in the marketplace. There are many things that cause supply and demand to go up or down. Here are the main factors that impact crude oil prices.
Oil will go up in price if there’s some factor that impacts the price. This could be global instability, a disruption in supply due to disasters, and so on. If there’s less of a demand for crude oil due to oversupply in the marketplace, the demand for crude oil will go down.