General Knowledge Facts: Factors affecting Global Crude Oil prices [affecting pertroleum futures of March 2018]
Today, we'll present you important facts regarding factors affecting global crude oil prices. The first and foremost thing to remember is that Crude Oil is the main input cost for any economic activity in the modern world. Every factory indirectly or directly requires Crude Oil to produce output. Thus, the price of any commodity depends on two factors: demand and supply. Now, Oil prices fell for a second day on Feb 2018 due to : Weak Chinese factory data triggered concerns of an economic slowdown that could lower oil demand [Slow Demand] in the United States, industry data showed an increase in crude stockpiles amid its soaring output [Increased Supply] OPEC and Russia decreasing oil export in line with US export. [controlled overall Supply ] Which countries are the chief exporters of Crude Oil: OPEC, Russia and U.S. Among OPEC countries, Saudi Arabia is the lead exporter of Crude Oil. Saudi Arabia is all founding member of OPEC. OPEC is the Organization of the Pe...