Crude oil price continues south for the fifth consecutive day as investors worry that the coronavirus impact will affect the...
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 trades sharply lower today cancelling the positive momentum that formed after the rebound from the recent lows...
Crude oil prices are trading lower for the 4th straight day after the Head of the International Energy Agency (IEA)...
WTI crude oil price abruptly traded lower yesterday as risk aversion surrounding the coronavirus outbreak dominated market sentiment. The commodity...
Brent crude price action for Monday saw the asset take a massive hit as new coronavirus fears hit the market....
WTI crude oil price opened with a weekend gap on concerns about the coronavirus outbreak. The commodity started this week’s...
Crude oil prices took a breather on Thursday after Wednesday’s hefty advance. The crude oil price on the Brent advanced...
Crude oil continues to post an intraday advance after media reports that scientists are close to developing a vaccine for...
Crude oil price on the Brent variety is trading lower this Tuesday as Russia’s energy minister Alexander Kovak confirms that...
Crude oil price trades lower today as the rebound from the recent lows at $53.08 pause. Black gold managed to...