Crude oil price on the Brent crude benchmark has dropped steeply in Friday trading as there seems to be a...
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.
Crude oil price continues lower for the fourth day in a row as worries of a global recession reduce the...
A Reuters news report monitored over the newswires is saying that the OPEC ministers have reached a consensus to cut...
WTI crude oil price is trading within a $2.21 range ahead of the much-anticipated OPEC meeting. Its CFDs have found...
Brent crude has entered into consolidation after the emergency Fed rate cut of yesterday stifled price recovery, as the move...
WTI crude oil price scored its largest daily gain for 2020 yesterday on optimism that OPEC would announce production cuts...
Crude oil price rebounds today after a weak of heavy losses that brought the price over 16% lower the previous...
Crude oil price action may be in for a sustained slump if the current market sentiment is anything to go...
WTI crude oil price is heavily being sold off in today’s Asian session. After opening at 46.20, the commodity’s CFD...
The continued spread of the coronavirus outside China has taken a significant toll on risky commodity assets, as crude oil...