The Crude Oil Price Today. As everyone knows crude oil is the probably the most traded commodity in the world, and the price directly affects everyone, and affects major economic planning, inflation and more.
Like all commodities the crude oil price suffers from wide variations in prices that are directly linked oil shortages and oil gluts.
Other major factors that affect the crude oil price include the value of the US dollar, the economic fortunes of emerging economies such as China. These days the oil prices have drawn back due to the drop in Chinese economic activity, also the continuing crisis in the Eurozone and of course global slowdowns in most every country, either developed or emerging.
The crude oil price is also directly affected by geo-political factors such as threats of supply disruption due to war or other unrest such as Nigerian civil unrest in the oil regions or the currenttYemen and Saudi conflict
The weather also affects the crude oil price and a threat of a hurricane in the Gulf of Mexico will cause prices to rise as will U.S. oil refinery problems. Another major factor is the level of petroleum inventories that are being held in the U.S. and other countries.
The quoted price of petroleum that you read in financial media refers to what is called the spot price (West Texas Intermediate) WTI/Light Crude that is traded on the New York Mercantile Exchange (NYMEX) for delivery at Cushing, Oklahoma or Brent Crude as traded on the Intercontinental Exchange (ICE) for delivery at Sullom Voe in Scotland.