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USOIL
WTI Crude Oil
Past performance is not an indication of future results.
About
Crude oil, non-renewable scarce resources, is one of the most important commodities, belonging to international strategic reserve materials.
Factors Affecting USOIL Prices
1. Crude oil production. OPEC + production increase will suppress oil prices, while production cuts will boost oil prices. 2. Global economic conditions and industrial demand. With economic growth and large demand for crude oil, oil prices will rise. 3. Geopolitical factors. Crude oil has the attributes of strategic materials. Therefore, geopolitical conflicts, especially the political situation of oil-producing countries have a great influence on oil prices. 4. Emergencies and climate. Some countries use crude oil as heating fuel. When the climate becomes colder, it will drive the price changes of crude oil and derivatives in the short term.
Historical market review
In 2020, the novel coronavirus epidemic broke out globally, and the global economy shrank. The price of U.S. crude oil futures fell from a maximum of $ 60, and the lowest broke through a negative value, setting a record low.
Economic Data Affecting Crude Oil Prices (by importance)
1. EIA inventory changes 2. OPEC Production Reduction / Increase Agreement
