WTI crude oil price CFDs has steadily climbed from $3.42 to $16.00 in a matter of 9 trading days. What is next for the commodity?
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 USD/CAD pair declined in overnight trading as the market reacted to positive crude oil-related news. The Canadian dollar also gained in reaction to the relatively dovish interest rates decision by the Federal Reserve.
Brent crude oil price has remained in a tight range in the past few weeks as investors watch the ongoing...
Crude oil price is hovering around $64 as investors keep an eye on the ongoing talks regarding the Iranian nuclear...
Brent crude oil price continues with heavy losses after the WTI crude oil futures for May delivery which expires today...
Crude oil price rose by more than four percent after Donald Trump raised possibility of a deal between Saudi Arabia...
WTI crude oil retreated slightly after US President Donald Trump pledged to bridge the supply shortfalls that resulted from the...
BP share price has declined by more than 44% in the past year. It has performed better than Royal Dutch Shell, whose share price has dropped by more than 52%. But it has also underperformed the FTSE 100, which has declined by about 20%. The same trend goes way back. For example, the two energy groups have dropped by more than 30% in the past five years. BP stock price is now trading at 309p, which is above the YTD low of 222p. That is a 40% gain.
Crude oil is down for a second straight day as investors remain cautious about the rising number of coronavirus cases in the United States and elsewhere. Investors are also concerned about the rising inventory numbers from the United States. The price of Brent and West Texas Intermediate (WTI) is at $39.96 and $37.7, respectively.
Crude oil was 1% lower on Friday as the virus surge and lockdowns in Europe dampened hopes for a speedy...