Crude oil prices were on a rebound early Friday, as the world’s most traded commodity opened trading at $73.97 after...
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.
Oil continued signaled signs of instability on Thursday, with WTI crude gaining marginally to trade at $76.71 at 16:40 UTC,...
Brent Crude Oil (UKOIL) price turned red for the third consecutive day on Friday. The futures contracts for black gold...
Brent crude oil price rose 0.83% on Friday in a bullish continuation. Nevertheless, the bulls were still unable to break...
After a very volatile session on Thursday due to the OPEC+ meeting, Brent crude oil price turned green on Friday....
Brent crude oil price rose to its fresh weekly high of $81.26 on Tuesday. The positive price action comes just...
The volatility remained high in the global oil prices amid the Thanksgiving holiday in the US. Brent crude oil price...
The global oil prices have taken a sharp turn after the reports of deeper production cuts from the OPEC+ countries. Consequently, Brent crude oil price extended its gains today after a 4.02% gain on Friday. At press time, the British benchmark of crude oil was up 2%. This move also marks a downside retest of the 200 MA which is also evident from the following chart. If Brent crude oil price breaks above this key moving average, the recovery rally may catch fire. This week’s OPEC+ meeting which is scheduled for Sunday, 26 November, may act as a catalyst in this regard. However, it is also very likely that the markets overreact and the black gold will become overvalued...
Brent crude oil slid by 6.8% this week as investors anticipated the Israel-Hamas conflict to come to an end. At...
Brent crude oil price saw a rebound due to the escalating tensions in the Middle East. After an attack on...