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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.

Crude oil FAQ
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What is crude oil?
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Do you have a question? Feel free to ask our experts.

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.

WTI Crude Oil price
Commodities
·Aug 16, 2022, 12:14 BST

Brent Crude Oil Price Prediction: Will Prices Head Lower?

After a two-day decline which included Monday’s steep 4.51% drop, crude oil price on the Brent benchmark is mildly up...
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Commodities
·Aug 09, 2022, 14:16 BST

Brent Crude Oil Price Prediction: Further Push Toward $100 Likely

Bullish Brent crude oil price predictions have been reignited following the third day of gains this Tuesday. Crude oil price...
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Commodities
·Aug 02, 2022, 12:27 BST

Brent Crude Oil Price Prediction: A Further Dip in Price Expected

The expectations that OPEC + could approve a slight increase in production quota for its members are driving the bearish...
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Commodities
·Jul 25, 2022, 11:53 BST

Brent Crude Oil Price Prediction as Inverse H&S Forms

Brent crude oil price has retreated in the past few days as concerns about a recession, falling demand, and rising...
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Commodities
·Jul 18, 2022, 15:12 BST

Brent Crude Oil Price Prediction: More Gains to Come Before Fed Decision

Bullish Brent crude oil price predictions appear to be returning to the market after Monday’s big 5% upside move. This...
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Commodities
·Jul 11, 2022, 06:27 BST

Brent Crude Oil Price Prediction Ahead of Biden Saudi Trip

Brent crude oil price is attempting to bounce back ahead of the upcoming Biden’s trip to Saudi Arabia. The XBR/USD...
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Commodities
·Jul 05, 2022, 07:09 BST

Brent Crude Oil Price Prediction for July as Double Bottom Forms

The Brent crude oil price has formed a double bottom pattern as investors wait for the upcoming meeting between Joe...
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Commodities
·Jun 28, 2022, 08:21 BST

Brent Crude Oil Price Prediction: Irrational Proposal by G7

Brent crude oil price has staged a strong comeback in the past few days as oil demand keeps rising. It...
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Commodities
·Jun 20, 2022, 12:06 BST

Brent Crude Oil Price Prediction: A Drop to $100 Could Happen

Brent crude oil price predictions continue to remain negative this Monday after a colossal slide in the asset on Friday...
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Commodities
·Jun 14, 2022, 09:20 BST

Brent Crude Oil Price Predictions Remain Bullish on Supply Concerns

Crude oil prices on the Brent crude benchmark are trading higher today as supply concerns continue to fuel bullish Brent...
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