Crude oil prices climbed higher this Monday, mostly on the back of risky sentiment as traders pinned their hopes on...
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 took a downside hit this Friday and look set to register the steepest drop for April 2021,...
Chevron stocks are down today after the company released disappointing earnings numbers this Friday. Chevron’s Q1 2021 profits fell 29%...
Crude oil inventories rose by 100,000 barrels in the week ended April 23, which was higher than the projected shortfall...
Crude oil price has reacted sparingly to the higher-than-expected US oil inventories as demand optimism props up the prices. Late...
The OPEC + alliance is due to meet this week to discuss the production curb policy going forward. Reuters on...
Crude oil price has been reacting to the rising COVID-19 cases in equal measures to the ongoing optimism of the...
Demand concerns over the rising coronavirus cases in India and other net importers of crude oil continue to push the...
Ahead of Wednesday’s crude oil inventories report, crude oil price on the Brent crude benchmark witnessed some heavy selling after...
Crude oil price continues to face a key hurdle in the form of unsteady recovery in global oil demand. The...