What makes prices of Oil to change recently?

US-China trade war 'ceasefire' is fueling oil markets

Trade war between the United States and China has severely weighed on world trade, causing concerns about a slowdown in economic activity. Crude oil is not included in the list of hundreds of products each side has hit with import tariffs, but traders said the positive sentiment of the cease-fire was also fueling crude oil markets.

Oil traders are focused on the meeting of the Organization of Petroleum Exporting Countries that will be held on 6 December. At the meeting, OPEC, along with the non-OPEC member, Russia, is expected to announce cuts aimed at overcoming the production.
Most analysts expect a reduction of 1 million to 1.4 million barrels per day versus October levels, which were the highest since OPEC since December 2016.

The US increases its impact on the oil market

After becoming the world's largest oil producer this year, the US's impact on the energy market has continued to grow.

Its output rose to a record high of 11.47 million barrels a day in September, the Energy Information Administration announced, which is about 20 percent higher than the same period in 2017, and the second highest gain big year by year.
New oil extraction technology has helped the United States on its way to become a net exporter of energy for the first time since the 1950s. Within the next five years, it is expected to send more oil than it imports , as production growth complements the slowdown in domestic demand.
However, record production levels come at an unsafe time in the global energy market. West Texas Intermediate prices, the US landmark, have fallen by more than a quarter to nearly $ 50 a barrel over the past three months, the lowest since October 2017.

OPEC and other major manufacturers are considering co-ordinated production constraints to prevent further price declines. In addition, JPMorgan analysts expect US manufacturing growth to slow down over the next two years.

This yours oil Market ups and downs happen a lot, there are several reasons that already mentioned above. But mostly it is climbing up steadily, but also they face decrease on the prices recently.

And why we should worry on low prices of the oil?

The cost of oil has been falling consistently since the start of October, and fuel costs in the United States have been falling also. Republicans evaded the projectile with oil costs, in such a case that they had kept on climbing, U.S. customers would have made gas costs an issue for the Trump organization.

For a brief period, it resembled the Trump organization's brutal position towards the new authorizes on Iran's oil industry would experience harsh criticism, however the organization stepped back marginally and issued transitory exceptions to the absolute biggest shippers of Iranian oil. This helped temper oil costs and added to the ongoing decrease in costs. What's more, U.S. gas stores are better than expected for this season and have helped push down costs at the siphon.