WTI crude (NYMEX futures) ticked upwards in early Monday trading as tensions between the UK and Iran continue to rise,...
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 are trading higher for fourth consecutive day amid increasing tensions in the Middle East that continue to...
Crude Oil prices are trading flat for the day after the release of the weekly oil market report published by...
Yesterday was a very volatile day in the energy market with crude oil price swinging in both directions on the...
Crude oil continues to remain in consolidation as traders continue to monitor the US-China trade talks that are set to...
Crude oil prices fell 7% on Thursday as new trade tariffs were imposed on $300billion worth of Chinese goods by...
Crude oil prices are heading downwards, but this move may be limited as news of stronger Chinese demand and discussions...
The latest oil market report was released earlier today by the International Energy Agency (IEA), and the projections do not...
KUNA, the Kuwaiti official news agency, has publicized statements from Kuwait’s Oil Minister Khaled al-Fadhel, assuring that the country will...
The WTI crude oil futures pushed up from yesterday’s identified support levels to hit its highest level in 5 days...