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

CRUDE OIL PRICE

Crude Oil Price: Where to Next?

Crude oil price is on a decline amid a strengthening US dollar. At the time of writing, Brent futures were down by 0.6% at $72.56. Similarly, WTI futures have dropped by 0.23% at $70.88. With the dollar index trading around its 2-month high at $91.94, it has become more expensive […]

Crude Oil Price Hits New 2021 High On Rising Demand

Crude oil prices rose for a fifth straight day on Wednesday, hitting $75 a barrel to attain its highest levels in 2 years. The increase in crude oil prices is due to a recovery-driven demand, as well as a sharp drop in U.S. crude oil inventories. The Energy Information Administration […]

crude oil price

Crude Oil Price Extends Gains as API Data Heightens Optimism

Crude oil price has extended its prior gains as a reaction to API’s US oil inventory data. Late on Tuesday, the institute indicated that weekly stockpiles had declined by 2.108 million barrels. Notably, the figure is lower than the prior week’s decline of 5.360 million barrels and the forecasted draw […]

CRUDE OIL PRICE

Crude oil price: Gap between Demand and Supply to Widen- IEA

Crude oil price has remained afloat after moving past the important resistance level of $70 on Tuesday. Brent futures were up by 0.14% while WTI futures rose by 0.63% as investors digested details of OPEC+ ministerial meeting on Tuesday. The alliance presented an upbeat oil demand outlook. It highlighted its […]