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

oil prices

Crude Oil Price Pressures Persist on Weak Fundamentals

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 Prices Rise with DAX Index and S&P 500

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 [...]

Crude Oil Price Stabilise, OPEC Not Ready to Curb Output

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.