Take a look at oil prices today and you’ll see they are simply less than they’ve been seen since 2003. While vehicle operators have noticed the drop in price around the fuel pumps, they in all likelihood did not question why this was the situation, basically accepting it was a point of supply and demand. This actually isn’t the situation, although there’s a lot more supply than there is demand from customers at this time. Additional factors are actively playing a significant role in todays oil prices and those who follow global reports might realize this. China’s stock market is apparently encountering a free fall and most traders are rapidly exiting the energy sector, moving to different industries instead. China’s stock trading a short while ago cratered. When it dropped, it experienced the quickest day within its history. It actually closed right after opening up as it dropped 5 percent right away. The managers made an effort to try and reopen the stock market fifteen minutes later but the free fall carried on, dropping yet another 2 %. The trading markets were consequently closed for the rest of the day. Seeing that China is actually a key oil end user, showing up only behind the United States in terms of utilization, the uncertainty inside the market is having a significant impact on crude oil prices. This is not the only international event which has an effect on oil prices, nonetheless. Tensions carry on and increase between Iran and Saudi Arabia, since Saudi Arabia killed 47 people the country viewed as terrorists and even did so in a open public setting. Iran next called for vengeance plus the Saudi Arabia Embassy in Iran was hit by rioters. Moreover, the Saudi consulate located in Mashhad ended up being besieged. In reaction, Saudi Arabia halted diplomatic associations. This turmoil has resulted in industry experts being unable to come to agreement on just what could happen next and what this will indicate with regard to oil prices. Some experts feel the turmoil might drive prices upward, whilst others believe it will actually push them down even more. There’s no means of knowing for certain which route the oil market will take, however these will be occurrences all of us need to be watching. Oil prices affect countless areas of everyday life, thus they should be closely watched at all times by individuals who wish to be knowledgeable.