FXOchartist
Verified member
World oil prices have recently been volatile amid global conditions that continue to change the problems they face. Oil prices do not always rise but can also fall, as the price of oil fell to a low level of 72.36 on November 16, even though currently the price of oil is at level 76.69 on Ticktrader FXOpen.
What factors can influence oil prices? Below are several things that traders need to pay attention to regarding world oil prices.
To trade oil on the CFD market, you can take advantage of FXOpen ECN by opening a Ticktrader trading account for access to multi markets, or you can try a demo account if you are not confident in starting trading on a live account.
What factors can influence oil prices? Below are several things that traders need to pay attention to regarding world oil prices.
- International geopolitical conditions. The Hamas vs Israel war is still a point for oil analysts including Goldman Sachs, they even predict that oil prices might reach $130 due to the escalation of the war, although no one knows whether their predictions are right or wrong.
- Reduced oil production in developing countries, this is the impact of the policy of oil companies from the United States (US) which consolidate their assets domestically and also the decarbonization policy which causes production costs to rise.
- The European Union's strategy to switch to Renewable Energy
- The rapid growth of electric vehicles (EVs) can replace fossil fuel vehicles
- OPEC+ policy of cutting oil output production
To trade oil on the CFD market, you can take advantage of FXOpen ECN by opening a Ticktrader trading account for access to multi markets, or you can try a demo account if you are not confident in starting trading on a live account.
