Rise In Crude Oil Prices Led To A Small Rebound
Trading oil futures in the global oil market is a lucrative business, and most crude oil traders or commodity traders do it. But in recent months, crude oil has not done well in the commodities market.
All the commodities that are out there were affected by the pandemic last year and they are this year too. But what about crude oil? Don't you think this commodity is also affected? But now crude oil is on the road to recovery.
The oil trading market is one of the most important trading markets. There are many trading platforms where you can choose to trade futures or commodities. We will not talk about the market trend or market sentiment here. Whether there is an uptrend in the market or bullish market sentiment does not matter. This is because oil prices are influenced by many external factors.
Let’s dive into crude oil prices
In this article, we will analyze the past price trend of oil price in the market. We will analyze the price fluctuation and how it can affect your trading strategies. The trading plan or strategy must be accurate for a commodity trader.
So with the help of market data and proper analysis, you will be able to develop accurate trading methods or strategies.
Crude Oil Current Price
There are various sources to check the current prices of crude oil. Whether you are looking for WTI or Brent. All the sources help you to get the accurate and real time data for the live prices of the gasoline. Crude oil futures have been traded using this technique for decades.
You can get data from the Energy Information Administration or West Texas Intermediate. So let's start with the analysis of the live trading price.
Live trading rate for oil
At the time of writing this post, the WTI crude oil price is $72.55 and the Brent Crude oil price is $74.46. Both prices can fluctuate at any given time. Several reasons drive these prices in one direction.
From oversupply to the volume of instruments traded and oil companies to oil market makers, all factors or market makers can affect the price of crude oil.
Analysis for the current price
The spot price is never stable. Market volatility and liquidity can change the price of crude oil at any time. The current price is still in bullish mode. There is bullish market sentiment for this commodity after a long time.
However, we never said that the bearish sentiment has completely changed. The market sentiment can be bearish or bullish, it depends on various factors.
Crude Oil Oil Price History
If you also think that knowing historical data is not important, then you are wrong. The trading signals or trading indicators that you get in a live trading market are not enough. You can rely on technical indicators. But relying on them all the time is not good. That is why price analysis of financial instruments is necessary.
Annual price history
Let's start with annual price history. Before you buy a futures contract, you need to know how it has performed over the past few years. So here we are with annual price movements. We're going to show you how currencies have moved year over year from one position to another. So let's start with that.
Average rate: $61.09
Open Rate: $47.62
Highest Rate: $70.91
Lowest Rate: $47.62
Closing Rate: $70.88
Average price: $39.68
Open Price: $61.17
Highest price: $63.27
Lowest price: $11.26
Closing Value: $48.52
Market Change: -20.64%.
Average value: $56.99
Open Value: $46.31
Highest value: $66.24
Lowest value: $46.31
Closing Value: $61.14
Price change: 35.42%
Average price: $65.23
Opening value: $60.37
Highest value: $77.41
Lowest value: $44.48
Next value: $45.15
Open Rate: $52.36
Lowest value: $42.48
Closing Price: $60.46
Monthly price trend
It is important to know the monthly rate as well. Knowing the annual price charts is not enough. To get a more accurate view of the market, you need to know what major price movements have occurred on the charts for that commodity.
This month, the price of crude oil was 66.40. Various oil futures were traded in the oil market. This price was reached after a 5.48% change in Crude Oil futures.
In April, the price of oil fell a little. Oil supply was affected and the price fell with a -1.38% drop to 62.95.
There was an average increase in oil prices. The price was 63.83 for crude oil in March. There was an increase of 5.57% from the previous month.
For the second month of this year, the price was 60.46. This price was reached by this commodity as the highest increase in the year to date. There was an increase of 12.80% in this month.
The first month of the year was also good for crude oil production. Prices jumped to 53.60 with a growth of 9.99%.
Last year ended with an increase in oil prices. The price in December 2020 was 48.73, but this price was reached after the increase of 15.20% compared to the previous month.
November had a price of 42.30. It is low compared to the current price of oil in the world market.
Factors influencing crude oil price
You may want to know the factors that affect the price of crude oil in the global oil market. Several reasons affect the price of oil.
Different countries that produce oil send it to the refineries. Then the refinery adds their costs. Then country taxes and all fees are added before it is delivered to consumers. But oil futures are traded differently in the market. Below are some of the main reasons that can affect the price of oil.
Demand & Supply
Demand and supply are one of the most important factors. This is because oil is directly consumed by consumers. So oil price fluctuates according to demand and supply.
The activity and ups and downs of the transportation industry also affect the price of oil.
All taxes levied by governments, tax authorities, etc. are also partly responsible for the rise in prices.
International trade relations
The relationship between the oil producing country and the oil importing country must be healthy to control the prices. The tension between supplier and consumer can affect the price.
Final thought - Crude oil prices
Understanding the crude oil prices market can be easy. But it's not as simple as beginners may think.
As a beginner in the market, you will be told that the spot price of oil can be changed with the export and import taxes. But there are many more things to consider when analyzing oil as one of the traded commodities. Oil demand and supply can reflect the price, but that is not the only factor that affects the oil industry.
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