Geopolitical tensions in major producing regions. Currency fluctuations, particularly the strength of the US Dollar.
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Economic data indicating global growth or recession. The two most prominent are Brent Crude and West Texas Intermediate (WTI), each with distinct characteristics and regional influences.
The prices discovered on these exchanges reflect the collective expectations of the market. When benchmark prices rise, the cost of gasoline, heating oil, and aviation fuel typically follows suit.
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These financial instruments allow buyers and sellers to lock in prices for future delivery, providing a mechanism for managing risk. Its quality allows for efficient refining into gasoline and diesel, and it serves as the pricing anchor for roughly two-thirds of the world's internationally traded crude.
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