Crude oil is known as a natural unrefined product that comprises of hydrocarbon deposits as well as other organic materials that is normally obtained through a drilling process. After drilling, other products are obtained alongside other resources such as natural gases and saline water which is then refined into different forms that includes asphalt, kerosene and gasoline.
Crude oil also known as the black gold is what’s refined through distillation to derive petrol (PMS) that is used in powering motor vehicles and other related machines which goes on to tell us how much of an important commodity it is and as such makes it vulnerable to price fluctuation.
The news of fluctuations in oil prices greets us at different times with us embracing it with a shrugged shoulder because of our inabilty to understand the rationale behind the triggers of those upward and downward movements and the varying effect each factor holds. Below is an infographic that sheds more light as regards the various factors that influences the price of crude oil.
