Crude oil price on the Brent crude benchmark rose slightly in the New York session after a hefty drop in crude oil inventories. According to the EIA, crude oil inventories fell 9.9million barrels in the week ended January 22. This was a steep drop that was far less than the […]
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
The USD/RUB has posted a steep rise on the day. TDS Securities blames the risks of sanctions from the EU and US under a new administration on the pressure the Ruble currently faces from the greenback. According to analysts at TDS Securities, the Russian currency is 16% weaker than from […]
The crude oil price is in a tight consolidation in the last couple of weeks. It holds above $50 and trades in a horizontal range – a typical formation for a bullish flag. A bullish flag is a continuation pattern having a measured move equal to the poll’s distance projected […]
Hopes that have been driven by US stimulus remain the main factor supporting crude oil price on the Brent benchmark. However, crude oil price is now facing significant headwinds. So far, vaccine rollouts are yet to stem the tide of the coronavirus outbreak, with further lockdowns in Beijing and Europe […]
Crude oil prices pulled back to the $54.50 mark, just below the 18 January low. However, bulls have come in to reject the downward push, manifesting as a price bounce. According to data released by the Energy Information Administration, crude oil inventories for the week ended January 15 rose by […]
Crude oil price on the Brent crude benchmark resumed its uptrend move after yesterday’s dip following an unexpected build-up of crude oil inventories in the US. The performance of crude oil prices on the Brent crude benchmark also benefitted from the EIA’s higher price outlook for 2021, which sees Brent […]
The crude oil price had a great start to the year. It is one of the assets that gained the most during the month so far, fueled by strong demand from Asia and unilateral production cuts from Saudi Arabia. The lockdowns in Europe and the United Kingdom seem not to […]
Crude oil price has benefitted from the risky sentiment that has followed the testimony of the incoming US Treasury Secretary, Janet Yellen. Also pushing crude oil prices higher is the hopes of expanded stimulus, as Joe Biden is sworn in today as the next US President. He has promised to […]
Crude oil price is rising today as investors increase their bets on more stimulus in the United States. They are also betting on reflation in the United States. The price of Brent is up by 0.70% to $56 while the West Texas Intermediate (WT) has risen to $53. What’s happening: […]
Hopes of improved demand in the second quarter of 2021 as well as risky sentiment in the markets are pushing crude oil prices higher on the day. Despite the International Energy Agency’s cutback on its demand outlook, a record rise in China’s refinery output by 3% was cheered by the […]