Crude oil price on the Brent benchmark is off intraday highs at 45.76, but still higher on the day as...
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 forms a shooting star on the daily chart
Crude oil price on the Brent benchmark is extending losses into the second day after the better-than-expected non-farm payrolls report...
Crude oil price declined by almost 1% as investors worried about global demand as the number of coronavirus infections continued...
As expected, crude oil price action has seen its upside move on Wednesday peter out, as the situation in Lebanon...
Bearish outlook for crude oil as price hits resistance.
A dip in crude oil inventories helps prop up crude oil prices. Sign up to get a glimpse as to how Brent crude could react to the news.
The USD card is sharply lower on the day after a spike in crude oil prices was triggered by the...
The Norwegian Krone is down on the day, marking a 3rd straight day of losses as crude oil prices remain...
Brent crude oil price retreat today as the consolidation phase between $41 and $44 continues. The price closed higher yesterday after better than expected manufacturing data from the USA, Europe and China