Crude oil price is down sharply as the market reacts to the new strain of coronavirus and the rising number...
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 continued rallying as the market remained hopeful that demand is rising. The price also reacted to news...
Crude oil price rose for the fourth-straight day as the market continued to price-in a recovery of the world economy....
The crude oil price spiked today after the US Senate passed Joe Biden’s stimulus package during the weekend. The price...
Oil prices are falling today as traders continue worrying about demand and the surprise increase of inventories in the US....
Crude oil prices are headed for the fourth consecutive weeks of gains ahead of an important meeting of OPEC and...
Crude oil price bounced back in overnight trading as optimism returned to the market. There were four big stories that provided this catalyst.
Crude oil price is up for the second consecutive day as traders refocused on the US hurricane season that is...
Crude oil price declined yesterday after a report showed that US inventories rose by more than 10 million barrels in the previous week. This was higher than the previous week’s increase of more than 4 million. In total, crude oil prices declined by more than 50% in March and by more than 60% in the quarter. This makes it the worst month and quarter respectively.
Global stocks rose this week as investors remained optimistic about recovery of the world economy. As shown below, the DAX...