The price of crude oil is fundamentally determined by the relationship between supply and demand. If the supply exceeds the demand, the price will fall; if the supply is less than the demand, the price will fall. The factors affecting the supply and demand of crude oil are:

The main oil producing countries have high output and relatively low output, and vice versa.

Economic factors: crude oil is the foundation of modern industry, and the international economy is developing steadily and rapidly. As an important raw material, oil is in strong demand, in short supply, and the price is relatively high. If the economy is depressed and the demand is sluggish, the price is relatively low.

Political factors: the game between big countries, the policy of limiting production or increasing production in the country of origin.

Because crude oil is the foundation of modern industry, price fluctuation affects the trend of industrial products, which is transmitted to the demand terminal and indirectly affects the trend of bulk commodities, so the recent trends of PTA, asphalt, gold and other futures markets are closely related to it.