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

Brent Crude Oil Calm Ahead of US Oil Rig Count Data

Crude Oil Price Marches On Despite Spike in Crude Oil Inventories

Crude oil price on both the Brent and WTI benchmarks completely ignored the larger-than-expected spike in crude oil inventories. According to the Energy Information Administration, crude oil inventories recorded an additional 7.9 million barrels last week, as against the projections that there would be a shortfall of 2.5million barrels. This [...]
Crude Oil prices

Brent Crude Oil Price Retreat On Profit Taking

Brent crude oil price trading lower for the second consecutive session, but still keeping the positive momentum alive. Black gold on Friday managed to reverse heavy losses showing that buyers are betting on fast recovery

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oil prices

Crude oil price in holding pattern; what does this mean for BP share price?

Crude oil price was little changed in overnight trading even as the market received positive inventories data from the American Petroleum institute (API). Brent is trading at about $34 while that of West Texas Intermediate is at about $32.

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