The USDCAD looks set to resume the uptrending move of the last 4 months as the Canadian Dollar is taking...
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
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What is crude oil?
What is the price of crude oil?
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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.
Despite a deal among oil-producers last week, crude oil price is still plunging as the coronavirus continues to spread and space for storing oil runs out.
The USDNOK is trading lower as the government of Norway has taken steps to ease some of the restrictions it...
Crude oil price started with a gap higher on news that President Trump is preparing a plan to reopen the...
Crude oil price was under pressure as investors continued to focus on demand and supply. The price of Brent and West Texas Intermediate (WTI) rose to $28 and $19.97 respectively.
Crude oil price declined in overnight trading as questions lingered about the historic oil supply cut deal that was reached on Sunday. The deal will see oil producers reduce their daily production by more than 9.7 million. This will translate to more than 10 million barrels considering that many firms will go out of business if oil prices remain at the current levels.
Crude oil price rose as the market continued to digest the deal signed between OPEC and other producing countries during...
Crude oil prices remained under pressure this Easter Monday as risk-off sentiment dominated the market. Saudi Arabia and Russia led...
WTI crude oil price is trading lower today despite historic production cuts among OPEC and its allies. Why is the news not bullish for the commodity?
Crude oil price on the Brent benchmark and WTI are set to end the week on a lower note after...