Crude oil price is on a decline amid a strengthening US dollar. At the time of writing, Brent futures were down by 0.6% at $72.56. Similarly, WTI futures have dropped by 0.23% at $70.88. With the dollar index trading around its 2-month high at $91.94, it has become more expensive […]
Crude oil price
Crude oil is the world’s most important energy source, and the price of oil, therefore, plays an important role in the global economy.
In this section, you will find important crude oil news that affects crude oil prices, and oil traders can find ideas on what to expect in the future, and key support and resistance levels. You can also use the live trading chart for Crude oil for trading and analysis.
Crude oil FAQ
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Oil is used for transportation, petroleum products, and plastics. The price of crude oil is probably the most-watched price in the commodity markets. Besides its primary role as the most important energy source, crude oil is also an essential raw material for manufacturing plastics. Crude oil is also used in cosmetics and medicines. According to the EIA, crude oil prices affect 96% of transportation. It also impacts 43% of industrial products, 21% of residential and commercial use, and 3% of electric power. As a result, crude prices have an influence on most everyday items and services and can generate inflation.
The price of oil is heavily influenced by supply and demand. The Organisation for Petroleum Exporting Countries (OPEC) sets production quotas for its members, to reduce competition and keep prices at profitable levels. Emerging industrial markets such as China, India, and Brazil greatly influence the price of oil, since they require more and more oil to support their economic growth.
Geopolitics events like war, natural disasters, political upheaval, and new government leaders are all factors influencing crude oil pricing. The US dollar has a major impact on the price of crude oil. If the dollar becomes stronger, the price of oil will tend to drop, assuming that all other factors remain constant.
Crude Oil Price Chart
Crude Oil Price News
Crude oil prices rose for a fifth straight day on Wednesday, hitting $75 a barrel to attain its highest levels in 2 years. The increase in crude oil prices is due to a recovery-driven demand, as well as a sharp drop in U.S. crude oil inventories. The Energy Information Administration […]
Crude oil price has eased as investors await EIA’s inventory data later in the day. Earlier on, WTI futures rose as a reaction to API’s stockpile figures released on Tuesday. According to the institute, the amount of crude oil in storage dropped by 8.537 million barrels for the week ending […]
The latest CFTC Positioning Report indicates a rise in net long positions on crude oil. This increase has allowed the net long positions to meet levels last seen in April and has come on the back of the unabated rally in crude oil prices. Crude oil price on the Brent […]
Crude oil price broke higher at the start of the month, and the bullish price action continues. The market kept pressuring against horizontal resistance and the measured move suggests $75 is just around the corner. Last week, the news that the US has lifted sanctions against some of the Iranian […]
Crude oil price has extended its prior gains as a reaction to API’s US oil inventory data. Late on Tuesday, the institute indicated that weekly stockpiles had declined by 2.108 million barrels. Notably, the figure is lower than the prior week’s decline of 5.360 million barrels and the forecasted draw […]
Crude oil price has eased as investors take profit. On Monday, Brent futures were at $72.27, which is its highest level since May 2019. In the same session, WTI futures surged to $70, which it last reached in October 2018. Besides, the strengthening US dollar is exerting pressure on crude […]
It is not unusual for crude oil prices to soar in the summer. But the post-pandemic summer of 2021 looks to send prices higher than usual, as demand soars and producers lag in restoring production. Crude oil prices have already risen more than 40% since the beginning of the year. […]
US crude oil inventories in the week ended May 28 came in at -5.1million barrels, which exceeded the previous week’s 1.7million barrel shortfall. Market analysts had predicted a shortfall of 1m barrels. However, crude oil prices were unable to go beyond the intraday high of $71.96 on the Brent benchmark, […]
Crude oil price has remained afloat after moving past the important resistance level of $70 on Tuesday. Brent futures were up by 0.14% while WTI futures rose by 0.63% as investors digested details of OPEC+ ministerial meeting on Tuesday. The alliance presented an upbeat oil demand outlook. It highlighted its […]