Crude oil price edged upwards today after a series of positive news during the weekend. The price of Brent is...
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 on the Brent benchmark resumed its push towards the elusive $50 mark this Thursday, as renewed hopes...
The USD/CAD is pushing hard to take out the 1.2800 price level for the day on rising crude oil prices...
Crude oil was 0.35% higher on Thursday with WTI pushing the $46.00 resistance level. The price of oil could continue higher if risk markets stay strong into year-end.
Oil prices are under pressure as concerns about the US production and inventories rise. The price of Brent is trading...
Crude oil price evolves in a tight range in the last ten trading days, caped by $47 to the upside...
Crude oil is heading lower for a second day on Tuesday with a loss of 0.70% in early futures trading. The price of WTI crude is seeing a double top at $46.00 formation on the daily chart and could head lower.
Crude oil price is wavering today as traders watch out the recent developments in the oil market and the overall...
Crude oil price managed to break out of a consolidation area as OPEC+ meeting agreed to increase supply by 500k...
Oil prices are up sharply today as traders react to yesterday’s decision by OPEC and its allies. Brent, the global...