Brent Crude oil prices slipped in the last hour on the news that Saudi Arabia has been able to restore...
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 is trading lower today after a big two-day rally which was capped by a draw in U.S. inventories. Oil is still seeing support from hopes of an imminent vaccine for the coronavirus.
The BP share price is up this Friday as the stock benefits from rising demand in crude oil prices and...
Brent crude oil price has made a strong pullback in the past few weeks. It is trading at $107 per...
Despite several reassuring statements today from the US end of the US-China trade war, WTI crude oil has made only...
As crude oil price extends its gains, find out the levels to watch in the short term.
Crude oil price on the Brent crude benchmark halted its 7-day advance late yesterday, as concerns over new coronavirus variants...
Gold prices continue north for third consecutive trading session adding 0.02% at $1,473.58 as gold rebounds from three-month lows.
The Organization of the Petroleum Exporting Countries (OPEC) has predicted in its latest monthly forecast that the global demand for...
Crude oil price was under pressure as investors continued to focus on demand and supply. The price of Brent and West Texas Intermediate (WTI) rose to $28 and $19.97 respectively.