As it turns out, President Trump's tweet about a truce between Russia and Saudi Arabia may not have been completely unfounded. WTI crude oil price CFDs is trading at its highest levels since March 18 after reports surfaced that Russia is ready to reduce oil production.
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 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.
Crude oil price pared back some gains made yesterday as questions lingered about the news Trump made. In an interview...
Crude oil price rallied earlier today as President Trump tweeted that Saudi Arabia and Russia were close to striking a deal on production cuts. But markets later on realized it was unlikely.
The Norwegian Krone is benefitting from today’s surge in the price of crude oil. Crude oil prices surged 25% on...
Crude oil price rose by more than four percent after Donald Trump raised possibility of a deal between Saudi Arabia...
Crude oil price on both the Brent and WTI benchmarks fell again today after Russia denied it was in talks...
Crude oil price declined yesterday after a report showed that US inventories rose by more than 10 million barrels in the previous week. This was higher than the previous week’s increase of more than 4 million. In total, crude oil prices declined by more than 50% in March and by more than 60% in the quarter. This makes it the worst month and quarter respectively.
The coronavirus is shaking up the world. Read our free Q2 Global Market Outlook to know what may happen with EURUSD, Gold prices, Crude oil, Bitcoin, and S&P 500.
Here are are the topics covered in the second market outlook for the year.
- EURUSD: Soars on Coronavirus Panic
- USDJPY: Roller-Coaster Ride Will Not End Anytime Soon
- AUDUSD: Under Pressure on World Lockdown
- GBPUSD: Trades Lower as Coronavirus Could Delay UK-EU Trade Talks
- Stock markets tumble as investors prepare for the worst
- Gold prices may resume uptrend as QE is expanded aggressively
- Crude oil prices could rise on high demand in q2 and coronavirus risk abating
- Cryptocurrencies drop as the safe haven notion is crushed
Crude oil price bounced back in overnight trading as optimism returned to the market. There were four big stories that provided this catalyst.
Crude oil price on the various benchmarks plunged to 18-year lows as fears of the coronavirus outbreak’s economic impact on...