The spikes seen in new coronavirus infections across the world has prompted recent lockdowns in several countries, causing new concerns about an already damaged energy demand outlook. This is weighing heavily on crude oil prices this Monday, with a barrel of the international Brent crude benchmark now trading at $40.44 […]
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
BP share price is under intense pressure today ahead of the third-quarter earnings. The shares are also falling because of the tumbling crude oil prices, stronger US dollar, and the overall weakness of the stock market. Its shares are trading at 203p, which is slightly higher than its 25-year low...
Crude oil prices fell on Wednesday struggled after U.S. EIA inventories showed a build in gasoline stocks. The data comes as traders fret about weaker demand caused by the ongoing coronavirus lockdowns and restrictions. The Energy Information Administration said that gasoline stocks rose by 1.9m barrels in the week ending […]
The crude oil price recovery from the April meltdown is nothing short of impressive. It bounced back to $40 on joint efforts from OPEC plus friends (i.e., other oil-producing countries, including Russia) to control production. Now that the world recovers somehow from the COVID-19 economic recession, demand for oil products […]
Brent crude was 0.30% lower on the day as the market awaits U.S. oil inventories from the U.S. Energy Information Administration (EIA). Brent is trading under the $43.50 level which has capped prices since early-September. A meeting of OPEC officials on Monday saw the group pledge support for oil prices […]
Asian stocks pulled back modestly on Tuesday, driven by yesterday’s sell-off in the United States indices. Stocks are on the backfoot as hopes fade for a second U.S. stimulus deal before the election. Japan’s Nikkei 225 declined -0.44%, while the Australian ASX 200 was off by -0.71%. The Hang Seng […]
Crude oil has recovered from a drop below the $40.00 level and should now make a push for the August highs at $43.50. Commodities are getting support from a drop in the U.S. dollar as the potential for a second stimulus package draws nearer. Oil prices were hit by China’s […]
Crude oil price has inched lower today as the market reacts to the rising Covid-19 cases around the world. The price of Brent (XBR), the global benchmark, has dropped by 1.10% to $42.88. West Texas Intermediate (WTI), on the other hand, has dropped by 1.05% to $40.53. The price of […]
Crude oil price on the Brent benchmark is falling today as the impact of OPEC’s predictions on crude oil demand growth this year continues to weigh on the black gold. Data from the US energy information administration shows that crude oil inventories fell by more than expected as the week […]
Crude oil gave up yesterday’s inventory gains and is 2.5% lower on the day as fears over a second wave of the coronavirus hit markets. Fresh lockdown restrictions in France and other countries is weighing on oil prices over demand fears. Oil was positive yesterday after inventories data from the […]