I always wonder what is the main reason of successive oil price hike and a very limit amount of price decrease of oil prices here in my country Philippines. My dad used to complain this things recently but always find answers in tv news. I'm wondering here to find answer actually to make my father understand.
Since oil is in the stock market is a speculative asset that means that traders speculate where the price can be of course this speculation is based on a lot of factors like oil demand and supply trading between countries and many more other things
So true I think it is oil demand the factor that affects the most since almost all vehicles here including some energy sources rely on oil just like my father who fuels full tank to deliver stocks to Cagayan de Oro and El Salvador City.