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.
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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 prices rose more than 2% initially on the day, after new attacks on Saudi Aramco facilities by Yemenese Houthi rebels. Houthi rebels said they targeted Saudi Aramco sites with missile strikes, in what is now the third of such incidents in 2 years. Also adding to the bullish […]
Price action on the USD/NOK remains range-bound, as the main fundamental driver of this pair (crude oil prices) also continues to trade in the tight range found between the $62 – $66 price levels. Analysts at TD Securities believe that April 2021 could see the presently “overvalued” Norwegian Krone finding […]
Data from the Energy Information Administration (EIA) indicates that crude oil stocks in the US fell by 3.5million barrels in the week ended April 2, 2021. This was a much-larger than expected drop, as the markets were only expecting crude oil inventories to drop by 2 million barrels. The previous […]
Crude oil price is trading higher as investors await the EIA’s short-term energy outlook (STEO). WTI is up by 2.25% at $60.10 while Brent has risen by 1.58% at $63.12. In the March STEO, the agency estimated that the benchmark for global oil would average at $64 in Q2’21. Investors […]
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 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 on the Brent benchmark inched higher this Friday after the scale of the blockage of the Suez Canal became public. Brent crude is up nearly 4.7% after attempts to float the 1300-ton Ever Given vessel that was blown by strong winds across the width of the canal […]
Any hopes of the extension of Wednesday’s recovery move on crude oil prices were dashed this Thursday after Brent crude sold off by 4.29% following renewed demand concerns. Not even the grounding of a ship in the Suez Canal, a vital international crude oil shipping artery, was able to stop […]
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 […]
Crude oil prices staged a strong rebound this Wednesday after a slew of positive fundamentals for the black gold hit the market. A ship ran aground in the Suez Canal, sparking fears that crude shipments could get clogged up along the vital shipping route and lead to supply shortfalls. Also, […]