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
Upbeat numbers from the Crude Oil Inventories report have allowed crude oil price on the Brent variety to recover some ground in what had been a bearish week for crude oil. Brent crude is currently trading at 61.87, up from intraday lows of 61.28 after crude oil inventories in the [...]
Since tensions in the Middle East eased, crude oil price has been under heavy selling pressure. WTI crude oil plunged by 3.74% in yesterday’s trading. It traded steadily lower after opening at $58.26. By the end of the New York session, the commodity had settled at $56.03. API Inventories Show [...]
Without any data directly-related to oil, crude oil price finished the day lower in yesterday’s trading. WTI crude oil CFD closed at $58.20, 57 cents lower than where it opened. Today, the American Petroleum Institute’s (API) will release its weekly inventories report for the week ending on January 17. A [...]
Crude oil price on Brent crude followed global stock markets and other risky assets lower on Tuesday fears of the spread of the coronavirus ahead of the Chinese New Year hit the markets. The risk-off sentiment induced by the spreading coronavirus infection also comes on the back of yesterday’s ceasefire [...]
Crude oil price trades higher supported by the closure of two sizeable crude oil production bases in Libya. Unrest in Iraq blocked access to Al Ahdab oil field, and might cause a production halt. On the contrary, Guyana exported about 1MBPD, the first-ever shipment of crude for the U.S., marking [...]
Crude oil price is trading lower on the day after reports of a ceasefire hit the newswires. The WTI variant of crude oil has been able to close the upside gap that occurred after weekend reports of the shutdown of two oil fields in Libya. As at the time of [...]
Crude oil prices are slightly higher in muted Friday trading on the back of several positive data from China. Data for industrial production, (6.9% annualized vs market consensus of 5.9%) and retail sales (8.0% annualized versus consensus of 7.9%) all surprised to the upside. GDP data was also a tad [...]
Crude Oil Price in the Red Despite Fall in Inventories Crude oil prices were little changed despite yesterday’s inventories report from the US. According to the Energy Information Administration (EIA), crude oil supplies held in storage by commercial firms had a draw of 2.5 million barrels. The forecast was for [...]
The US crude oil inventories dropped more than expected, according to the latest weekly report by the Energy Information Administration (EIA). US crude oil inventories fell by approximately 2.5million barrels last week, which was an unexpected drop after analysts had predicted a rise of 400,000 barrels. Furthermore, the Organization of [...]
WTI crude oil price CFDs finished higher for the first time in seven days yesterday. It bottomed at $57.71 and peaked at $58.69. By the end of the New York session, it had settled at $58.09, 6 cents higher than where it opened. In fact, looking at the daily chart, [...]