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

Crude oil price

Crude Oil Price Capped Below $64.20; All Eyes on OPEC +

Crude oil prices have opened the week slightly higher on hopes of stable production output from the OPEC + alliance.  The OPEC + alliance is scheduled to meet on April 1 to discuss the possibility of extending the current production curbs. The markets expect this to happen, barring any unforeseen […]

crude oil price

Crude Oil Price: What to Expect Ahead of OPEC+ Meeting

Crude oil price continues to feel the impact of the third wave of COVID-19 and the resultant dwindling of global oil demand. On Monday, brent futures were down by 1.32% at $63.52. Similarly, WTI futures declined by 1.43% at $59.87. According to WHO, about 20,000 people are dying every week […]

Crude Oil prices

Crude Oil Price Embraces The Ever Given Problem

The crude oil price has bounced back as investors continue to watch out for the happenings at the Suez Canal, where The Ever Given ship has stuck. Brent and the West Texas Intermediate (WTI) have risen by more than 5% from their lowest level this week. What happened: The biggest […]