Price of oil

The price of oil, or the oil price, generally refers to the spot price of a barrel of benchmark crude oil. The price of a barrel of oil is highly dependent on both its grade, determined by factors such as its specific gravity or API and its sulphur content, and its location.

As with all commodities, the oil price is determined by the balance between supply and demand. The supply of oil is dependent on geological discovery, the legal and tax framework for oil extraction, the cost of extraction, the availability and cost of technology for extraction, and the political situation in oil-producing countries. Both domestic political instability in oil producing countries and conflicts with other countries can destabilise the oil price. For example, the Iranian Revolution of 1979 led to a jump in oil prices.

The demand for oil is dependent on global macroeconomic conditions. According to the International Energy Agency, high oil prices generally have a large negative impact on global economic growth.

Latest News for: Argan oil price


The Best Beard Oils in 2024

Macomb Daily 09 Apr 2024
Common carrier oils include Argan, Jojoba, Grapeseed, and Coconut oil ... The thing is that even a swift look at Mengine’s ingredient list shows that there is 0 filler, no water, just argan and the essential oils that help improve blood flow to the scalp, keep pores clean, and nourish your beard....

Essence of Argan (2024 Alert) Fake Wrinkle Cream Claims or Anti-Aging Supplement That Really Works?

Maple Valley Reporter 29 Mar 2024
By applying the Essence of Argan directly to your skin daily, you can use the power of argan oil to enjoy a wrinkle-free life ... Essence of Argan is a new anti-aging argan oil skin serum available exclusively online through Argan oil is one of the most popular wrinkle-fighting plant extracts available today....

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Former President Donald Trump speaks alongside attorney Todd Blanche as they return from a lunch break in his trial at Manhattan criminal court in New York on Thursday, April 18, 2024.
AP / Jabin Botsford/The Washington Post

Trump meets with Orbán, Saudis, Cameron as they prepare for his return

The Hill | 19 Apr 2024