So supply is up; relative demand is down and yet, the price of oil is soaring

Oil prices, meanwhile, rose on concerns about heating oil supplies and after an OPEC official said there's no need for the cartel to pump more oil

Could you explain why the price of oil is singular while oil prices is plural? I find it very confusing.

the price of oil: seen a general indicaton
oil prices: seen as individual instances, values of the above, specific to a given place & time
Do you know math?
f(x) vs. f(x1) or f(x2)
Site Hint: Check out our list of pronunciation videos.
Thanks, MH, I see no problem interchanging the two in English of course, at least in the examples posted. Do you agree?
Oil prices make me think about a multitude of pumps all over the world, the price of oil seems more abstract, perhaps an average.
Interesting. Thanks, MH.
Students: Are you brave enough to let our tutors analyse your pronunciation?