Factors Affecting Crude Oil Prices Quiz

The balance between global supply and demand.

OPEC member countries collectively decide on production levels, which can impact global supply and subsequently influence prices.

Political instability or conflicts in major oil-producing regions can disrupt supply and lead to price volatility.

<p>During periods of strong economic growth, there is typically higher demand for oil, leading to price increases.</p> Signup and view all the answers

<p>Fluctuations in currency exchange rates can affect crude oil prices as it is traded globally in US dollars. A weaker US dollar tends to increase demand for oil as it becomes relatively cheaper for buyers using other currencies.</p> Signup and view all the answers