Oil prices are a critical component of the world’s economies, with influences that span from employment trends to  investment flows and beyond. Moreover, oil’s value has  a close impact on transportation and manufacturing costs. But, what drives the price of a barrel of crude?

The infographic below, created by our friends at Aspect Enterprise Solutions, provides a 360-degree overview of the factors that determine oil prices. 

Some quick takeaways before you check out the oil price graphic below:

• The basic principals of supply and demand are a main driver in the oil market. But, remember, petroleum price changes tend to result from uneven production and consumption across the globe.
• Natural disasters and events can rattle the oil chain.
• The trade of oil futures — paper contracts that value a barrel of crude — has impacted prices since the early 1920s and money flow is a huge fundamental in this market.
• Geopolitics and OPEC decisions also contribute to volatility.

Find Out What Determines Oil Prices