What Is Oil A Commodity

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What are commodities? Is Oil a commodity?
Commodity is a raw material or primary agricultural product that is used as inputs for the production of other goods or services. Oil is a commodity as it is a raw material and is used as an input for production of other goods and services.
Explain the impact demand and supply have on prices?
Demand refers to how much quantity of a product or service is desired by customers or consumers. Supply is the quantity of a product a market can offer. Supply and demand have a major impact on the prices of the products. If the demand for a product is high, then the prices will be insensitive and often be high. Although, the prices could be low when demand is high as more products are being sold so more profit

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