Crude oil price on the Brent benchmark extended gains for the 2nd day in a row after Saudi Arabia executed...
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.
BP share price has been in trouble recently. It has dropped by more than 10% since December 10, when it...
Ahead of the crude oil inventories report, crude oil price on the Brent crude variety is up by 0.72% today...
Crude oil was pointing lower for a second day after the commodity looked set to test the $50.00 price level....
Crude oil prices on the Brent crude benchmark has fallen 4.13% on Monday, as risky assets were sold off this Monday...
BP share price is down by more than 3.80% as traders worry about the new strain of coronavirus in the...
Crude oil price is down sharply as the market reacts to the new strain of coronavirus and the rising number...
Crude oil price continues its ascent beyond $50 on the Brent crude benchmark, after the FDA committee in charge of...
Oil prices are wavering today as traders wait for additional catalysts. The price of Brent crude is down by 0.38%...
The rise of Brent crude to $51.88 on Thursday further cements the strengthening seen in oil-backed currencies such as the...