We have discontinued updates to the figures below. Several data series are still available as part of the Weekly Petroleum Status Report, Petroleum Supply Monthly, and Gasoline and Diesel Fuel Update.
What drives crude oil prices: Overview
Understanding what moves crude oil prices is vital for informed decision-making across government, industry, and the public. Crude oil prices are shaped by a dynamic interplay of global forces, and have impacts on energy security, the economy, and consumers.
Here, we present an analysis of the seven key factors that influence crude oil markets, including both physical market dynamics and influences from trading and finance, and examine their connection to crude oil prices.
This resource serves as a guide for those seeking a deeper understanding of crude markets and the major drivers of crude prices.
Key factors influencing crude oil prices:
- Spot prices
- Supply from non-OPEC countries
- Supply from OPEC countries
- The supply demand balance: inventories
- Financial markets
- Demand in non-OECD countries
- Demand in OECD countries
Today in Energy
Energy Analysis Every Weekday
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U.S. commercial crude oil inventories have decreased in June
June 24, 2026
UAE’s exit from OPEC+ reduced the group’s share of crude oil production and capacity
June 23, 2026Permian natural gas production increased faster than crude oil
June 18, 2026
Contact
- Petroleum and liquid fuels markets team
- eiainfopetroleum@eia.gov