- The oil price increases compared with last week.
- The rig count at North America is stable which only adds one more from last week, while the US crude oil inventory increases 6030 thousand barrels.
The factor that influences oil price:
- The Impact of Nature on Oil ProductionWhen the production decreases, and it can’t satisfy the demand, the oil price will go up.
- The Impact of International Event on Oil ConsumptionHistory has demonstrated that that geopolitical crises one major movers of oil prices-one type of the international event. Recently, the Venezuela’ crisis developed and worsen, and the oil production decreases as well, but how this will effect oil price still remains foggy. At may 8th, President Trump announced withdrawal from Iran nuclear agreement, which boost the oil price from $68.83 to $71.76.
- The development of alternative energy sources.
- The rate of decline in production from major oil producers.
- The Petrochemical demand from all over the world.
- Developing countries’ demand.The increasing petroleum price is widely considering as increase inflation and slow down economy.
 How Oil Prices Impact the U.S. Economy | Investopedia https://www.investopedia.com/articles/investing/032515/how-oil-prices-impact-us-economy.asp
 Hurricane Harvey caused U.S. Gulf Coast refinery runs to drop, gasoline prices to rise https://www.eia.gov/todayinenergy/detail.php?id=32852
 The Role of Oil in the War of Iraq https://history.libraries.wsu.edu/spring2015/2015/01/20/the-war-in-irag/
 What Affects Oil Prices? 3 Critical Factors https://www.thebalance.com/oil-price-history-3306200
 The 2014 plunge in import petroleum prices: What happened? https://www.bls.gov/opub/btn/volume-4/pdf/the-2014-plunge-in-import-petroleum-prices-what-happened.pdf
 What are the possible causes and consequences of higher oil prices on the overall economy? https://www.frbsf.org/education/publications/doctor-econ/2007/november/oil-prices-impact-economy/
 Market Report Series: Oil 2018-Executive Summaryhttps://www.iea.org/Textbase/npsum/oil2018MRSsum.pdf