Bearish outlook for crude oil as price hits resistance.
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.
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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 Chart
Crude Oil Price News
Crude Oil Prices Propped Up By Drop In Crude Oil Inventories
Lebanon Bomb Blast Triggers Crude Oil Spike; USDCAD Sharply Lower
The USD card is sharply lower on the day after a spike in crude oil prices was triggered by the massive bomb blast in Lebanon yesterday. Initially thought to be terrorism-related, it appears the bomb blast was an accidental occurrence from a large stockpile of ammonium nitrate in a government […]
USDNOK Trades Slightly Higher As Crude Oil Price Declines
The Norwegian Krone is down on the day, marking a 3rd straight day of losses as crude oil prices remain capped around the $44 mark over concerns about dwindling demand from renewed lockdowns, and the impact of the reduction of the production curbs by the OPEC + alliance that have […]
Brent Crude Oil Price Retreat As Supply Increase
Brent crude oil price retreat today as the consolidation phase between $41 and $44 continues. The price closed higher yesterday after better than expected manufacturing data from the USA, Europe and China
Weak GDP Data Pressure in Brent Crude Oil Price Absorbed at 50-day SMA
Brent crude oil price slumps to the lowest level in July as the USD GDP and employment data disappointed investors who are expecting to see some signs of faster recovery
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...
WTI Crude Oil Price Slide Below $41.00; Will US Crude Oil Inventories Provide Support?
Brent Crude Oil Price Extend Loses On New Quarantine from the U.K. to Spain Travelers
Brent crude oil price extend loses for the third straight session on renewed concerns on the rising number of new coronavirus infections and some measures that might halt the recent economic recovery.
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 […]
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Published: June 30, 2020 | Authors: Alejandro Zambrano, Martin Lam, and Cameron Bowen.
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