Brent crude oil price predictions have tilted towards the bearish end of the spectrum after the International Energy Agency (IEA)...
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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Bearish Brent Crude oil price predictions are playing out in full force this Wednesday, as crude oil prices fell heavily...
Crude oil price on the international benchmark held above $101/barrel this Monday, enabling bullish Brent crude oil price predictions to...
Wednesday’s 1.60% rise in the price of the international crude oil benchmark has spurred bullish Brent crude oil price predictions....
After a two-day decline which included Monday’s steep 4.51% drop, crude oil price on the Brent benchmark is mildly up...
Bullish Brent crude oil price predictions have been reignited following the third day of gains this Tuesday. Crude oil price...
The expectations that OPEC + could approve a slight increase in production quota for its members are driving the bearish...
Brent crude oil price has retreated in the past few days as concerns about a recession, falling demand, and rising...
Bullish Brent crude oil price predictions appear to be returning to the market after Monday’s big 5% upside move. This...