WTI crude oil price traded higher yesterday despite crude oil inventories printing higher than expected. The D1 time frame hints at more upside potential.
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.
Crude oil FAQ
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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 edged up during the Asian session after a report about Chevron job cuts. The price of Brent rose from yesterday’s low of $33.58 to the current $34.23 while West Texas Intermediate (WTI) rose from $31.30 to $31.97.
Crude oil price reversed gains as investors started to worry about demand as tensions between the United States and China. Nonetheless, the price found some support from a relatively bearish report by the International Energy Agency (IEA).
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
Brent crude oil price trading for the second consecutive session as the physical demand for crude oil rises amid the reopening of the businesses across the globe.
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.