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
On Wednesday, the crude oil price sharply fell in the global market as data reversal rising inventories in U.S stocks. Things are furthermore intensified as investors due to the ongoing crisis on the U.S tariff on Chinese goods. Brent futures went down by 44 cents and WTI crude suffered a [...]
Crude oil prices trade slightly lower today as markets digest the 0.5mbpd cut agreement in OPEC meeting in Vienna. These oil production cuts come after the 1.2mbpd cut agreed back in December 2018. Saudi Arabia said that it might continue with additional voluntary cuts, resulting approximately in about 2.1mbpd cuts [...]
Crude oil price started its bullish rally after hitting the critical support at $51.05, low of 3rd October. The bulls were having a tough time in clearing up the major resistance at $58.66. Moreover, a couple of failed attempts from the crude bulls indicated weakness in bullish momentum. Things changed [...]
Crude oil prices are holding steady on Friday as OPEC members have entered into a closed session, with a press statement on the outcome of the meetings expected later today. OPEC Meeting: Matters Arising The key agenda at the meeting, which had non-OPEC member Russia in attendance have bordered on [...]
Crude oil prices retreated from their intraday highs at the wake of the announcement from OPEC+ (Organization of Petroleum Exporting Countries). After opening at $58.25, WTI crude traded higher to $59.04. However, during the New York session, the commodity tracked lower and finished the day unchanged. Crude Oil Prices Unchanged [...]
Crude oil prices traded higher yesterday. WTI crude oil began the day at $56.32 and steadily traded higher to its intraday high of $58.59 before closing the day at $58.26. Inventories Boost Crude Oil Prices The biggest news for crude oil prices yesterday was the report from the Energy Information [...]
Crude oil prices finished yesterday’s trading slightly higher ahead of today's US crude oil inventories report. WTI crude opened at $55.87 and dropped to an intraday low of $55.28. Then during the European session, crude oil prices staged a rally to finish the day at $56.21. No Phase One Trade [...]
Crude oil prices continue higher for the second day adding 0.48% at $56.22 per barrel recovering some of Friday’s steep losses. Oil prices supported by speculation on further production cuts from OPEC in its upcoming meeting in Vienna. Stronger manufacturing PMI data from major economies show that the global economy [...]