An unexpected rise in crude oil inventories has done little to dent the uptick in crude oil prices on the...
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.
The BP share price could hit new 2021 highs as the company has signed an exploration agreement with Russian oil...
The crude oil price popped to the highest level in more than three years as demand rose. Brent, the global...
Crude oil prices surged to the 5th straight day of strong gains after Goldman Sachs upped its price target to...
It’s well-publicised the surging natural gas price is causing havoc worldwide. However, history says things could get much worse. Those...
Crude oil price on the Brent benchmark spiked this Wednesday, after the American Petroleum Institute and the Energy Information Administration...
The Tullow Oil share price popped by more than 4% on Wednesday after the company published strong half-year results. The...
Crude oil price scaled 6-week highs as a new hurricane hit the Gulf Coast. Hurricane Nicholas weakened significantly into a...
The Crude Oil price is trading at a five-week high this morning as the Gulf Coast struggles to get back...
Crude oil prices inched higher on Monday after a new storm formed in the Gulf Coast, threatening to elongate a...