Brent crude oil price continues the correction from five-month highs as the U.S. Gulf Coast refineries return to production. The stronger USD in the last two sessions
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 rose by 0.40% during the Asian session as traders reacted to the falling inventories in the United...
The price of Crude oil has settled after last week’s hurricane threat and the market will likely trade within the...
The Norwegian Krone is extending last week’s gains against the US Dollar, hitting a 1-year peak versus the greenback as...
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%.
Crude oil prices fell yesterday after Hurricane Laura crashed into Louisiana as a category 4 storm, but later weakened to...
Asian stocks are trading slightly lower on Thursday ahead of Jerome Powell speech in Jackson Hole. Asian indices hover close to six-month highs as the rally in Wall Street continues
Crude oil price pared some of its gains on the day, despite a drawdown in crude oil inventories. Data released...
One of the biggest drivers for crude oil price is the hurricane season. Every time a hurricane or more threatens...
Asian indices retreat today as investors book some profits after the recent strong rally that drove Asian stocks close to two-year highs.