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

Brent Crude Oil Calm Ahead of US Oil Rig Count Data

Is Royal Dutch Shell Share Price a Bargain Ahead of Q2 Earnings?

Royal Dutch Shell share price is up by 0.60% as traders wait for the company’s second quarter earnings report. The company’s class A shares are trading at 1236p, which is within the range it has been in in the past few days. Meanwhile, BP, its closest peer in the FTSE...

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crude oil price

Crude Oil Price – A Bearish Outlook Moving Forward

Crude oil price had a difficult time advancing lately, as the economic recovery during the COVID-19 pandemic falters. The technical picture looks bleak – bearish divergence, rising wedge, horizontal resistance. On top of that, the fundamentals are weak too. Bearish Developments for Crude Oil Price After the negative $40 close […]