I don't understand what you mean.
Supply is controlled by the OPEC nations-an oligopoly that openly acts in collusion. What mechanism is there controlling demand? The US's demand curve is nearly vertical, within relevant limits, which means that we will demand the same quantity no matter what the price.
Futures are typically used as a hedge against the price of the underlying. Yes people do speculate on these, but the price of the underlying influences the price of the derivative, not vice-versa.
Here's a little picture I drew to help explain this.
The point at the very top left of the graph is a point where price is very high, and not many people can afford it. As the price decreases, and more people are able to afford it, the quantity demanded jumps up very quickly. Eventually, when the price falls to a reasonable level, demand becomes more inelastic, and price changes have less of an effect on quantity demanded. This continues until demand gets almost perfectly inelastic, at the point where we'd consume all the oil that could be produced. This occurs at the point on the far bottom right of the graph.
When OPEC members collude to restrict the quantity of oil supplied, the supply curve becomes vertical at the point where the marginal cost of production equals the marginal revenue from sales. It is at this point where the OPEC nations' profits are maximized. Through this collusion, they are able to earn economic profits, which is the area shaded red.
If there were no collusion the supply curve would extend along the marginal cost line to where it intersects the demand curve, and that would be the market price. If the US started drilling for oil in Alaska and shit, the supply curve would move to S' and price and quantity would be at the point where S' meets the D curve.
My cost line is probably a bit off. It's actually probably much flatter than that. Nevertheless, I think this illustrates my point well enough.
Obviously, I have some extra time on my hands tonight.