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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 was higher by 0.75% on Tuesday as OPEC entered the second day of talks to decide on their course of action with supply cuts. W.T.I. crude was finding buyers at the $45 level
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Crude oil price is falling today as traders eye an important meeting of OPEC+ meeting that will start today. The...
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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 recent surge in crude oil price has many starting to believe that the black gold may have turned a...
Oil prices rallied overnight as falling US inventories overshadowed a strong rise in active oil rigs. Brent moved closer to...
The Dow Jones ended the day above $30,000 for the first time ever. The blue-chip American index has jumped by...
Crude oil price finally broke-out yesterday as traders reflected on the latest vaccine news and the potential that demand will...