Financial news and actionable analysis
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.
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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 stabilized during the Asian session as participants waited for a response from Saudi Arabia. Yesterday, Mike Pompeo, the Secretary of State, asked the country to help stabilize the oil market. He made the statement as he headed to an important G20 ministers’ meeting. The statement came a...
WTI crude oil price CFDs is trading higher today after the American Petroleum Institute (API) reported a drop in crude oil inventories last week. As of this writing, the commodity is trading at $24.45, up from where it opened at $24.10....
Crude oil price rallied today as investors cheered the latest action from the Federal Reserve and China. Yesterday, the Fed announced an unprecedented move to cushion the markets from the ongoing rout. In the announcement, the Fed said it would buy an unlimited amount of bonds, mortgage-backed securities, ETFs, and...
WTI crude oil price CFDs is trading more than 3% lower as US shale producers and OPEC fail to reach an agreement on production. As of this writing, the spot price for WTI crude oil is trading below its 2002 lows at 22.66. WTI Crude Oil Price Chart, Monthly Read...
Crude oil price managed to rebound today after yesterday’s sharp drop to the lowest levels since 2003. Crude oil price hit yesterday $20.50 as the excess supply amid the price war between Saudi Arabia and Russia pressured crude oil prices....
