Crude oil prices on the Brent and WTI benchmarks are on the retreat this Thursday as the markets take a...
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 finally reached dynamic resistance given by the neckline of an inversed head and shoulders pattern. The...
The main theme of the trading year so far is the remarkable rise in crude oil price. The price broke...
Crude oil prices extended their rally on Monday, as threats of a strike action in Norway by a section of...
Crude oil did it – it broke above the $60 level after it consolidated in a triangular pattern. It appears...
Crude oil price on the Brent crude benchmark halted its 7-day advance late yesterday, as concerns over new coronavirus variants...
The crude oil price is holding steady ahead of a potential stimulus in the United States and after relatively encouraging...
Crude oil price made it a winning streak of 8 days, as traders continued to assume risky sentiment that pushed...
After starting the day in a bearish position, crude oil prices bounced off strongly off session lows as risk-on sentiment...
Crude oil price continues its bullish run and a move above $60 should not be ruled out. The market escaped...