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.

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

USD/RUB: Why is the Ruble Not Rising With Crude Oil Prices?

The USD/RUB has posted a steep rise on the day. TDS Securities blames the risks of sanctions from the EU and US under a new administration on the pressure the Ruble currently faces from the greenback.  According to analysts at TDS Securities, the Russian currency is 16% weaker than from […]

WTI Crude Oil price

Brent Crude Oil Price Could Face a Steep Fall If…

Hopes that have been driven by US stimulus remain the main factor supporting crude oil price on the Brent benchmark. However, crude oil price is now facing significant headwinds. So far, vaccine rollouts are yet to stem the tide of the coronavirus outbreak, with further lockdowns in Beijing and Europe […]