The crude oil price continues its consolidation in a tight range. It currently hovers around the $40 level, just like...
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.
Royal Dutch Shell share price is in the red for the fourth consecutive day as investors remain concerned about crude...
WTI crude oil price seesaws around the five-month highs but off the daily high after earlier today hit 43.30. Positive sentiment around the demand for crude oil continues as Wall Street indices hit record highs.
Brent crude oil price consolidates close to five-month highs ahead of the OPEC+ meeting on August 19. OPEC+ managed to stabilize crude oil prices after the sharp drop in Brent crude oil price at $16 per barrel.
The Israel-UAE deal may not have moved oil prices now, but it could have an impact in the future. Sign up to read this analysis piece.
Nothing seems to move the crude oil price from the current levels. It just hovers around $41-$42, lacking direction. However,...
Asian markets are on the rise, mirroring a strong close in Wall Street as the S&P 500 index closed near...
Crude oil inventories were lower than expected for the 3rd week in a row, on the back of improved refining...
Brent crude oil price has moved the recent consolidation phase a step higher but continues in a tight trading range, keeping the positive momentum.
Crude oil price spikes as US inventories fall Crude oil price rose during the Asian session as traders reacted to...