Who decides international crude oil price?

The company or group selling the oil actually determines what their asking price is. For example, OPEC sets their price for oil and that's what any member of OPEC charges.

But what drives up oil prices in the US is speculators buying up oil futures on the commodities market. They are basically paying a higher price with the expectation that future supply and/or demand will drive the price up. By purchasing the futures, they are essentially creating an artificial demand.

Now I don't exactly how the whole oil pricing mechanism works, but I do know that the price per barrel you hear about on the news is not exactly the same thing as what OPEC and other oil producers are asking for their product.

i was watching the news saying that the oil companies are invested into this company that basically says oil barrels are going to cost a certain amount even if theyre not so the stock goes up and cost more money which makes the prices go up. these companies dont only own stations in the us but around the world

G W BU$$$H