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
The latest updates from the news wires have picked up comments from the Iranian Foreign Minister Mohammad Javad Zarif, saying that the Iranian government is not interested in holding any talks with the United States apart from talks to reinstate the nuclear deal. According to Zarif, "Any mediation should focus [...]
The Organization of Petroleum Exporting Countries (OPEC) has released its monthly Oil Market Report for August 2019, in which the oil cartel sees a negative outlook for the crude oil market for the rest of the year. In the report, OPEC noted a "somewhat bearish" outlook for crude oil market [...]
The WTI crude oil futures asset has posted gains of up to 2% on the last trading day of the week, as upbeat retail sales and manufacturing data have helped to improve the risk sentiment among traders and stave off fears of an impending recession. WTI crude oil is presently [...]
According to reports monitored from the Chinese news agency Xinhua, a high-powered conference call has taken place between the Chinese Vice Premier Liu, PBOC Governor Yi Gang and Commerce Minister Zhong Shan on one hand, and US Treasury Secretary Mnuchin as well as Trade Representative Lighthizer on the other. Xinhua [...]
The WTI crude oil futures pushed up from yesterday’s identified support levels to hit its highest level in 5 days at 55.28, but has since retraced into a consolidation range between the central pivot at 54.46 and the R1 pivot at 55.40. The risk-off sentiment continued to play a big [...]
KUNA, the Kuwaiti official news agency, has publicized statements from Kuwait’s Oil Minister Khaled al-Fadhel, assuring that the country will fully commit to production cuts agreed to by oil exporters so as to shore up crude oil prices. According to this report, Kuwait has already over delivered on its own [...]
The latest oil market report was released earlier today by the International Energy Agency (IEA), and the projections do not look positive for crude oil producers. The IEA has lowered its forecasts for crude oil global demand, citing the dampening of economic activity from the ongoing US-China trade war. Highlights [...]
Crude oil prices are heading downwards, but this move may be limited as news of stronger Chinese demand and discussions of a cut in production by OPEC’s key players hit the newswires. Indeed, WTI crude oil price bounced off the $50.59 price support (June 5 and 6 lows), before being [...]