Crude oil tumbled to the $33.00 level in Asian trading as the market caught up to Friday’s bearish close in...
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.
Crude oil FAQ
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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 1% lower on Friday as the virus surge and lockdowns in Europe dampened hopes for a speedy...
The USDNOK looks set to end the week higher despite today’s intraday pullback that has provided respite for the Crown,...
Crude oil prices on all significant benchmarks extended the slump on Thursday following new coronavirus lockdowns in the EU. The...
USDCAD is extending the upside today following yesterday's big move to the north. Sign up to find out why.
Crude oil price falls below $40 on the day. Find out why this has happened by signing up here.
Crude oil price has pared back yesterday’s losses as traders buy the dips after the significant losses experienced yesterday. Brent,...
The spikes seen in new coronavirus infections across the world has prompted recent lockdowns in several countries, causing new concerns...
BP share price is under intense pressure today ahead of the third-quarter earnings. The shares are also falling because of...
Crude oil prices fell on Wednesday struggled after U.S. EIA inventories showed a build in gasoline stocks. The data comes...