Crude oil price fell % on Wednesday, as demand outlook fears resurfaced. Inflation uncertainties and rising coronavirus infections in Asia...
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 has continued its rallying as the International Energy Agency (IEA) calls for the halt of all new...
Worries over inflation and the deteriorating Covid situation in India have capped the recent rally, sending the crude oil price...
Rising demand outlook and a less-than-expected drop in US crude oil inventories are factors supporting crude oil prices in Wednesday’s...
Crude oil price is still within a horizontal channel as the coronavirus pandemic remains as the greatest hurdle in the...
The Organization of the Petroleum Exporting Countries (OPEC) has, in its latest report, left its projections for world oil demand...
Crude oil price on the Brent crude benchmark is trading flat, as concerns over India’s coronavirus situation counteracts the initial...
Crude oil price is trading higher as the market reacts to Friday’s cyberattack on the Colonial Pipeline system. Colonial Pipeline...
New concerns about India’s devastating coronavirus 2nd wave erased crude oil price gains made earlier in Wednesday’s New York session....
The crude oil price advanced recently. The market bounced after a triangle as a reversal pattern formed at the $60...