What determines price of oil?

@amirev777 (4117)
India
September 15, 2018 7:27am CST
What I understand, with each passing year, oil seems to play a big role in the global economy. Considering stature of oil as a high-demand global commodity, there is also the possibility that major fluctuations in price can have a significant economic impact. So what exactly determines the price of oil Supply and Demand? Or Market Sentiment?
2 people like this
2 responses
louievill
@louievill (28846)
• Philippines
15 Sep 18
In the Philippines, peso to dollar exchange rate plays a significant part since dollars are used to buy crude, it might be true for other countries.
1 person likes this
amirev777
@amirev777 (4117)
• India
15 Sep 18
Yes, I agree with you. USD is all-time high against Indian Rupee this week.
1 person likes this
Sai
@vsai2008 (11794)
• India
15 Sep 18
I too dont have a clear answer to this question, i too would like to know. It is really terrifying to see the prices go up every single day
1 person likes this