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When it comes to oil prices fluctuations, supply and demand is the main factor that drives oil prices up or down. Other factors such as OPEC stance, wars, embargos, weather, technology, geopolitics, natural disasters, renewables, changes in national/international legislations and policies are sub-factors that impact supply and demand which directly impact oil price and leads to its fluctuations.
This infographic takes a look at the various factors that impact oil prices and lead to its fluctuations:
Source: Jones Oil
