List of Brokers for Oil Trading
Energy commodities are considered to be very important parts of any industrialized economy. As a result, the prices of these commodities also tend to follow economic growth in the world. One of those kinds is oil, energy commodity which commonly used for heating, transportation, cooking, and so on. The market for oil is by far the biggest.
This page will give you a list of Forex Brokers that offer oil as its trading instrument.
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WTI, West Texas Intermediate, is the benchmark crude oil for North America. It is primarily extracted from oil fields in the United States, with a focus on regions such as Texas, Louisiana, and North Dakota. The extracted WTI oil is transported via pipelines to Cushing, Oklahoma, for delivery to refiners and suppliers.
Continue Reading at Why Are WTI and Brent Prices Different?
How does oil price affect Dollar?
Two famous examples are the Canadian Dollar and the US Dollar. Canada is a net oil exporter, which means it will gain more as oil prices soar. Unsurprisingly, the Canadian dollar tends to go up along with oil prices. On the other hand, the US needed to import oil to fulfill around half of its industrial and household energy needs, whose portion of which is catered by Canada. Consequently, CAD/USD tended to move in the same direction as oil prices.
Continue Reading at How World Oil Prices Affect Forex, Before And After US Shale Fracking
Who plays a significant role in oil production and supply decisions?
Organizations like OPEC (Organization of the Petroleum Exporting Countries) have the power to influence the market by adjusting oil production levels. They can intentionally reduce oil supply to boost prices or increase production to achieve the opposite effect.
Continue Reading at Why Are WTI and Brent Prices Different?
How did shale fracking contribute to US oil imports?
The US imported approximately 12 million barrels a day of oil in 2008; but the figure has skydived, and today US oil imports is less than 5 million barrels a day due to the US shale technology. Around 2.6 millions of it is imported from Canada and Mexico. That means, US oil imports has fallen more than 60% since 2008, and this significantly decreased the commodities correlation with the US Dollar.
Along with the post-crisis financial market normalization, (the drop in oil imports) has dramatically reduced the correlation between oil and the USD, to around 0% (i.e. uncorrelated) today from historical highs near 60% in 2008/2009.
Continue Reading at How World Oil Prices Affect Forex, Before And After US Shale Fracking
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