Crude oil is the most important energy raw material in the world. It can extract fuel oil, heavy oil and other products as well as various types of petrochemical products after fractionation. Therefore, crude oil price has a significant impact on economic development and is an important commodity in the world. At present, the major oil producers are the United States, the Middle East and Russia, while the United States, China, India and Japan are major consumers, but the major crude oil exporters are politically unstable countries such as the Middle East and Indonesia. Brent crude oil futures are listed on the Energy Exchange IPE of the American Intercontinental Exchange Group (ICE), based on crude oil produced in the Brent region of the North Atlantic North Sea.
Contributing factors:
1. Organization of Petroleum Exporting Countries (OPEC) Production Agreement
2. Production in major producing countries
3. Global economic situation / geopolitics
4. War, blockade, embargo or economic sanctions
5. US Department of Energy's periodic report
6. inventory
7. Alternative energy development
8. Exchange rate
