MCX Tips on Crude Oil

Crude oil is an intricate mixture of different hydrocarbons present in the upper layers of the earth’s crust. Crude oil is generally attributed as the Mother of all Commodities due to its significance in the manufacturing of a large variety of materials. Crude oil includes 35% of the world’s main energy consumption. Crude oil is used to manufacture fuel for trucks, cars, airplanes, boats and trains. It is also used for a broad variety of different products such as asphalt for roads, lubricants for all types of machines; plastics for toys, food wraps, bottles, among others.

Price altering factors for crude oil are supply and spare capacities, OPEC output, growing demand from rising and developing countries; geopolitics, US crude and products inventories information, currency variations, climate conditions, tentative buying and selling and modifications in the refining sector, for instance, a drop in the refinery consumption rate.

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