Oil prices rose on Wednesday amidst dwindling hopes of a ceasefire deal between Israel and Hamas. Brent crude futures traded...
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 prices fell Wednesday as the market reacted to rising inventory figures. WTI crude was down by 0.10% to...
Oil prices went lower in the early European trading session on Tuesday on the back of UN resolution on Gaza...
Crude oil prices edged up on Monday, erasing some of the losses incurred during the past three trading sessions. WTI...
Crude oil prices rose marginally on Friday, holding off pressure from a strong US dollar. Benchmark WTI was up 0.40%...
Crude oil prices headed downwards for the second consecutive session on Thursday as traders reacted to the Fed interest rate...
Global crude oil prices stepped down from over four-month highs on Wednesday, as traders eased buying the commodity in anticipation...
Crude oil prices slipped marginally on Tuesday as a strong US dollar exerted downward pressure on the commodity. Brent crude...
Crude oil prices traded marginally lower on Friday, as a stronger US dollar exerted downward pressure on the commodity. Nonetheless,...
Crude oil prices rose in early European trading session on Thursday, as the market reacted to a favourable demand outlook....