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
WTI Crude oil prices are trading 0.71% lower today at $52.98 per barrel, as oil prices search for equilibrium after the dismal macro data from the US that increased investors fears about global slowdown. IMF cut it’s global economic growth to 3% the lowest growth rate since the financial crisis [...]
Crude oil price has largely remained steady after Reuters reports say that the International Monetary Fund (IMF) has cut its global economic forecasts yet again. The IMF has announced that it is cutting from 3.2% to 3%, its global growth forecast for 2019. The body is also cutting the 2020 [...]
At the time of writing, WTI Crude oil prices were down by 2.52% on the day as a Bloomberg report said that China would like to have more talks before signing Trump’s ‘Phase one’ deal. The US had agreed to scrap the October tariffs increases, something that was communicated by [...]
Crude oil price (WTI crude) has gained modestly on the back of risk-on sentiment as well as news of an explosion of an Iranian oil tanker. It is feared that the explosion could reignite tensions in the Middle East, only recently inflamed by the Saudi Aramco attacks. However, the International [...]
WTI Crude oil prices are trading 0.02% lower today at $52.57 per barrel, as oil prices search for equilibrium after the dismal macro data from the US that increased investors fears about global slowdown and the drone attacks against Saudi Arabia oil facilities on September 14. EIA reported yesterday a [...]
WTI crude oil prices are up today as global risk appetite returns to the markets, with S&P 500 futures and DAX index rising at the same time as crude oil prices. Looking beyond the near-term price action in crude oil prices, the risk-reward ratio favors the bulls following a few [...]
WTI crude oil price is trading lower today, with negative US-China trade headlines driving down crude oil price below $52 ahead of API crude stocks data. In the last half-hour, Bloomberg news reported that the White House is considering limiting Chinese stocks that are invested in a government pension fund. [...]
WTI Crude oil prices continue to stabilize in the new week following its sharp 20% decline from the $63.84 high following the news of Saudi Arabian crude oil facilities been put offline on a drone attack on September 14. What lies ahead? This is a freemium article. Register to read it now, along with our Q4 Global Market Outlook: EURUSD, Gold, Crude Oil, Bitcoin, S&P 500.
WTI Crude oil prices are trading 0.17% higher today at $52.55 per barrel trying to stop eight consecutive red daily candles. Oil prices are searching for equilibrium after the dismal macro data from US, which increased investors fears about global slowdown. Crude oil price is also responsing to the resumption [...]
Crude oil prices are under strong pressure, and the WTI November futures was trading 1.21 dollars away from the important August low of $50.59 at the time of writing. The US ISM Non-Manufacturing PMI slipped to 52.6 from 56.4, and the 55 projected, causing crude oil prices to trade even [...]