Brent crude oil price adds over one percent amid optimism of a fast recovery and a sharp rally in stocks in China and Asian markets on Monday. Despite the record of new infections during the weekend in the USA
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
How to trade crude oil?
What is crude oil?
What is the price of crude oil?
Do you have a question? Feel free to ask our experts.
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.
Brent crude oil price trading for the second consecutive session as the physical demand for crude oil rises amid the reopening of the businesses across the globe.
Brent crude oil price trades higher for one more day hitting the highest level since March 9 after Abu Dhabi said that it would cut crude supplies by 30%.
Brent crude oil price trades higher for the eighth consecutive trading session making fresh three and a half month highs ahead of the American Petroleum Institute’s weekly inventory report which will be reported later on the day.
Brent crude oil price extends gains and makes two-week highs as the demand for oil recovers faster than expected while the commitment of OPEC countries to meet the supply cut commitments also boost the price.
Brent crude oil price breaks above the $40 mark and above the 100-day moving average as bullish momentum accelerates on...
Brent crude oil price jumps over two percent today on news of positive results from the first trials of the COVID-19 vaccine from AstraZeneca and Oxford University.
Crude oil price has inched lower today as the market reacts to the rising Covid-19 cases around the world. The...
Brent crude oil price continues higher for the fourth straight day trading above $43. Crude oil price lost over 6.5% the previous week
Brent crude oil price started the session lower on Wednesday after oil stockpiles data came in above the expectations. The Energy Information Administration's (EIA) said yesterday that U.S. crude oil