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

Crude Oil prices

BP Share Price Tends to Rise After Earnings – Is it a Buy Today?

BP share price is under intense pressure today ahead of the third-quarter earnings. The shares are also falling because of the tumbling crude oil prices, stronger US dollar, and the overall weakness of the stock market. Its shares are trading at 203p, which is slightly higher than its 25-year low...

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crude oil prices

Crude Oil Price Drops as Gasoline Stocks Edge Higher

Crude oil prices fell on Wednesday struggled after U.S. EIA inventories showed a build in gasoline stocks. The data comes as traders fret about weaker demand caused by the ongoing coronavirus lockdowns and restrictions. The Energy Information Administration said that gasoline stocks rose by 1.9m barrels in the week ending […]

Crude oil price

Crude Oil Price Keeps A Bullish Bias After OPEC-JMMC

The crude oil price recovery from the April meltdown is nothing short of impressive. It bounced back to $40 on joint efforts from OPEC plus friends (i.e., other oil-producing countries, including Russia) to control production. Now that the world recovers somehow from the COVID-19 economic recession, demand for oil products […]

Brent Crude Oil Calm Ahead of US Oil Rig Count Data

Brent Crude Trades in a Clear Range Ahead of Inventories Data

Brent crude was 0.30% lower on the day as the market awaits U.S. oil inventories from the U.S. Energy Information Administration (EIA). Brent is trading under the $43.50 level which has capped prices since early-September. A meeting of OPEC officials on Monday saw the group pledge support for oil prices […]