Oil trading chart
22 Jan 2021 23:59
Closing price, the previous day.
The highest price over the last trading day.
The lowest price over the last trading day
Price range high in the last 52 weeks
Price range low in the last 52 weeks
What factors influence oil prices?
The dynamic of oil prices depends on several factors such as:
- Macroeconomics. The key factor here is the supply/demand ratio. Oil prices usually rise when the supply is low and the demand is high, and vise versa: crude oil is cheaper when high supply overrides low demand.
- Geopolitics. The major participants of the oil market are the companies, states and organizations extracting this commodity. One of the most famous is the Organization of Petroleum Exporting Countries, OPEC. The developments in relations between this cartel’s members and non-OPEC states always have a significant impact on oil prices.
- Trading sentiment. As already mentioned, crude oil futures are quite popular. This asset attracts interest of many market players such as banks, financial institutions, brokerage firms, individual investors, day traders, and others. Therefore, the sentiment prevailing among these players often shapes the oil prices trend.
What are crude oil CFDs?
A contract for difference (CFD) is concluded between a buyer and a seller through the intermediary of a broker. This financial instrument does not imply actual buying of an asset but it gives investors an opportunity to benefit from the difference in prices of the underlying asset. In particular, when you buy a crude oil CFD, you aim to earn on the difference in oil prices at the moment of buying and selling the contract.
With InstaForex you can trade spot CFDs on WTI crude oil benchmark which are marked by the symbol #CL.f. You can find it on the Specifications web page.