Monday has seen crude oil price on the Brent benchmark dropping 3.1%, despite the promise by Saudi Arabia to cut...
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.
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Brent crude oil price retreat today amid worries that some signs of a second wave of coronavirus infections in South Korea, might cancel the reopening of the global economy.
Crude oil price continued rallying as the market remained hopeful that demand is rising. The price also reacted to news...
The recovery in crude oil prices is helping to pull along the prices of natural and gasoline. Gasoline prices are...
U.S. crude oil price trades higher today amid growing optimism as the businesses reopening in many countries and analysts expect...
The crude oil price reversed some of its gains as several shale producers pointed to an early return to production.
Despite a lower than expected crude oil inventories output, the Brent crude oil price benchmark is trading lower. What's next for crude oil as it slides below $30? Sign up to find out.
Crude oil price declined in early trading as the market refocused on risks of oversupply in the market. The slight decline reversed course on a five-day rally that saw Brent prices move above $30 per barrel
Crude oil prices are showing good price recovery and are surging for the 5th session in six. Crude oil price...