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ARRIAGA21

Crude oil prices and its influence on economy

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Crude oil is one of the most demanding commodities in the world. Hence any slightest variation in the prices of crude oil can have a notable influence on the economy of many countries. The highly volatile nature of crude oil has forced many companies to move away from crude oil industry. The prices of crude oil are often monitored by economists around the world and they pass Crude Oil News to the leading companies in crude oil industry. The consumption level of crude oil has increased is increasing continuously every year.

Like any other products crude oil prices too undergo more variations during its shortage and excess supply. It has been found that a massive rise or fall in crude oil price will have a notable impact on the stock market of many countries. Therefore the stock exchanges of most of the countries always keep a close eye on the changes in crude oil prices.

Most of the oil producing nations imports oil to other non-oil producing nations. For example India imports crude oil from other countries to fulfill the oil requirements.

Most of the oil investors are keen to know the latest crude oil news as they are always wager to know the latest crude oil price and the impact it can bring on the market.

Any variation in crude oil influences the other industrial segments too. Higher crude oil price means higher price of energy, which negatively affects other trading practices which are directly or indirectly connected to it.

Many factors influence the price of crude oil. But the basic influence is the demand and supply, which often helps in a self price correction method.

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