Brent crude oil price slumps to the lowest level in July as the USD GDP and employment data disappointed investors who are expecting to see some signs of faster recovery
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 up by 0.60% as traders wait for the company’s second quarter earnings report. The...
WTI crude oil price steadily traded lower in yesterday’s trading. Could the inventories report help the commodity find support on the charts?
Brent crude oil price extend loses for the third straight session on renewed concerns on the rising number of new coronavirus infections and some measures that might halt the recent economic recovery.
Crude oil price had a difficult time advancing lately, as the economic recovery during the COVID-19 pandemic falters. The technical...
Despite yesterday's uptick in crude oil inventories, WTI crude oil price still looks poised to trade higher in the coming trading days based on technicals.
Brent crude oil price retreat as the optimism on the coronavirus vaccine evaporates. Worries on the rising number of new coronavirus infections rise after President Donald Trump said yesterday that the surge in COVID-19 cases
Double top formation on the weekly USDCAD chart started a bearish trend.
Crude oil price is getting a lift from improved demand forecasts and reduced non-OPEC supply. Sign up today to see where crude oil price may be headed.
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