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.
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 Chart
Crude Oil Price News
The Canadian Dollar is under pressure as the price of crude oil has fallen to intraday lows of $59.32. The USDCAD is currently trading at 1.3285, having touched off 1.3300 a few minutes ago after Saudi Arabia’s King Salman affirmed the ability of his country to deal with any consequences [...]
WTI crude oil futures may find extra impetus from the Saudi Energy Minister's statements and US crude oil inventories, even as it trades in range-bound mode in London trading. US President Donald Trump had promised to bridge the supply gap with US stockpiles, even as Saudi Aramco officials are unsure [...]
WTI crude oil retreated slightly after US President Donald Trump pledged to bridge the supply shortfalls that resulted from the weekend attack on Saudi Aramco’s oilfields that halved Saudi production. WTI had spiked nearly 12% in Monday trading to $63.75 per barrel, but retreated to $58.77 slightly after President Trump’s [...]
As Monday’s trading session was getting underway, Brent Crude oil prices maintained a 9.5% price gap from Friday’s closing price of $60.12 per barrel. The motivation for the rise in price was attacks on Saudi Arabia crude oil production facilities that have left about 5% of world production offline. It [...]
Good morning. The drone attack on a Saudi Arabia oil facility send oil prices higher as analysts estimate that will reduce 5% world’s oil supply. In European session, USDCHF traders will watch the SNB total sight deposits w.e. 13 September due at 8:00GMT. The Italy August final CPI figures will [...]
Brent Crude oil prices ended the week lower by 5.66% from their weekly high, but these losses might quickly be reversed as drone strikes halt 50% of Saudi crude oil production. Saudi Arabia is the world’s biggest producer of crude oil and contributes to 10% of world production. Fifty percent [...]
Crude oil prices (West Texas Intermediate) have reverted into their old price range of $50.63 and $58.94 as the markets are projecting that tensions between the US and Iran will be less as President Trump fired his national security adviser John Bolton. According to online reports, there have been many [...]
Crude Oil prices retreat from recent highs today’s, trading 0.73% lower at $57.06 per barrel despite US crude oil stocks decreased by 6.9 million barrels for the week ending September 6. Crude Oil price rallied since the lows from August 7th at $50.74 up to $58.76 as the global growth [...]
The WTI crude oil contract sold off on Tuesday due to the continuing US-China trade conflict and rising output from the oil cartel OPEC. Prices were also weighed down by an ever-strengthening US-Dollar index. The WTI crude oil futures on NYMEX entered a 3-day losing streak as it just barely [...]
WTI crude oil is sharply higher and is currently trading at 56.40 ahead of the weekly EIA Crude Oil Inventories report. The market consensus for today’s report is for an increase in supply shortfalls to 2.8 million bpd, which would be higher than last week’s figure of -2.7m bpd. Aside [...]