Brent crude oil prices continue to stage a good rally from the breakout of the price above the descending channel,...
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.
The WTI crude oil price benchmark is up for the 4th day in a row, as optimism around the possibility...
The price of crude oil is ready to test the $43.50 resistance level this week as dollar weaknees persists. The dynamics are set up for a potential run to $50.00 by year-end.
Crude oil is higher by 0.50% but the W.T.I. benchmark is unable to punch higher to test the $43.50 level. A lack of economic data has seen the U.S. dollar index trading unchanged.
Crude oil price on the Brent crude benchmark remains unchanged as dwindling risky sentiment turns into full-blown investor caution. Thursday’s...
Crude oil price prepares for the next leg higher.
Crude oil price is heading for the third consecutive week of gains as investors balance the rising Covid situation with...
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Crude oil is holding onto gains this week despite some weakness in the stock market with traders seeking a catalyst for further gains in W.T.I.
Crude oil forms a bullish pattern around the $42 level. Following the dip toward the $34 level at the start...