Crude oil price is up by more than 2.80% today as traders react to the rising optimism that demand will...
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 spiked in the American session as traders reacted to the latest Covid-19 vaccine news. Brent crude reached...
Crude oil price made a remarkable 7% advance this Monday as bulls retake the initiative following marked weakness on the...
Crude oil has pulled back from the election week rally as traders fear a Biden green agenda could hurt the oil sector. Oil was lower for a second day but a Friday bounce gives bulls some hope.
The US dollar index (DXY) is rising today as traders wait for nonfarm payroll numbers from the United States. The...
Crude oil price performed strongly, and it is up 15% or so in the last trading sessions. This time it...
Crude oil stockpiles in the US slumped sharply last week, according to the crude inventories data just released by the...
WTI crude is lower on Wednesday after an almost $5 rally in prices over the last few trading days. Oil got a boost from lower inventories but the election will continue to dominate.
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Crude oil price is up today as traders shrug the recent spike in Covid-19 cases and the lockdowns in some...