Crude oil prices on both benchmarks surged on Friday after OPEC + oil producers agreed to extend the current production...
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 on the Brent crude benchmark are slightly higher today, but traders have had to endure a very...
Crude oil price was the star of the previous month as the bullish price action seen at the start of...
The focus of crude oil markets shifts towards the OPEC + alliance, which meets this Thursday to reappraise the existing...
The crude oil price declined sharply in the overnight session as traders focused on the upcoming OPEC+ talks and US...
Crude oil prices have shown marginal gains this Monday after Reuters reported a drop in the total oil output from...
The crude oil price rose for the fifth consecutive month in February as investors reacted to the ongoing economic recovery....
Earlier today, the Loonie strengthened against the greenback as Canada’s 10-year bond yield surged to 13-month highs at 1.481%. This...
Crude oil price keeps forming higher highs while holding the series of higher lows, a move that defines a bullish...
Ahead of the EIA report, crude oil prices have recovered sharply after Tuesday’s decline. The drop in crude oil prices...