Strong world economic growth driving growth in oil use.

Moderate non-Organization of the Petroleum Exporting Countries (OPEC) supply growth.

OPEC members' production decisions.

Low OPEC spares production capacity.

Organization for Economic Cooperation and Development (OECD)
inventory tightness.

Worldwide refining bottlenecks.

Ongoing geopolitical risks and concerns about supply availability.

Being one of the most essential commodities, crude oil prices are not only affected by fundamentals but also by emotions and sentiments of the market players as well. There are number of factors that affect the crude prices. They are:
Demand and Supply, Natural Calamities like Hurricanes and earthquakes, Weather conditions, Geopolitical Events like War, Dollar movement vis-à-vis other currencies, Weekly inventory levels released by EIA in the U.S, Economic slowdown in major consuming countries.