Brent crude oil price trading for the second consecutive session as the physical demand for crude oil rises amid the reopening of the businesses across the globe.
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.
Crude oil FAQ
How to trade crude oil?
What is crude oil?
What is the price of crude oil?
Do you have a question? Feel free to ask our experts.
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 was little changed in overnight trading even as the market received positive inventories data from the American Petroleum institute (API). Brent is trading at about $34 while that of West Texas Intermediate is at about $32.
Brent crude oil price retreat today halting a four-day rally that drove the crude oil price at one-month highs. The...
Crude oil price on the Brent benchmark continues to push on with its steady advance, rising to 5-week highs at...
Crude oil price rose today as the market reacted to improved momentum on supplies and demand. The price of Brent rose to a high of 33.70 while the West Texas Intermediate (WTI) rose to above $30 for the first time in two months.
The recovery in crude oil price on both the WTI and Brent benchmarks continued today after Oman committed to further...
Brent crude oil price adds to positive momentum after yesterday managed to break above the 50-day moving average. Brent crude oil price helped by the International Energy Agency (IEA)
Crude oil price wavered in overnight trading even after the positive information released by the Energy Information Administration (EIA).
Crude oil price moves above $30 a barrel as larger than expected drawdown in crude oil inventories raises bullish sentiment.
The rally in WTI crude oil price is starting to show some signs of exhaustion. What could dictate the direction on the commodity in today's trading?