A bullish close in crude oil yesterday should see further gains in the commodity this week. The price of WTI...
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.
As the approach of Hurricane Laura shutters Gulf Coast oil production, crude oil prices are rising and boosting the Norwegian...
The WTI crude oil price was 2.4% higher on the day and is heading for a test of key resistance...
Crude oil price on both the West Texas Intermediate (WTI) and Brent crude benchmarks are on the verge of a...
Asian stocks trading mostly higher on Tuesday as the optimism from the coronavirus vaccine spreads to stock markets around the globe.
Crude oil prices were 0.74% higher in the European trading session as storms moved in on the Gulf of Mexico,...
Asian stocks snapped two days of losses trading higher on Monday, on hopes of a coronavirus treatment. The FDA approved the use of blood plasma
Crude oil price is under pressure today as investors react to news that the world economic recovery is slowing down....
Brent crude oil price trades lower in a volatile session that drove the price to the lowest level the last 15 days, amid a correction in equities and data released by Energy Information Administration
Crude oil price was virtually unmoved today despite a slew of potentially market-moving events. This afternoon, the Energy Information Administration...