Crude oil prices affect practically everything in our daily lives, not just the stock market. Here's why you should know about them as an investor. 🔴 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗜𝗕𝗞𝗥 ➡️ [ Ссылка ]

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⬇️Timestamps:
0:00 → Introduction
0:34 → Different Types of Crude Oil
3:27 → How it Affects - Freight & Transportation Costs
4:39 → How it Affects - Electricity Prices
6:16 → How it Affects - Material Prices
7:29 → Conclusion

Crude oil is a raw natural resource that is extracted from the earth and refined into products such as gasoline, jet fuel, and other petroleum products. Is is a global commodity that trades in markets around the world, both as spot oil and via derivatives contracts.

There are two major oil contracts that are closely watched by oil market participants. In North America, the benchmark for oil futures is West Texas Intermediate (WTI) crude, which trades on the New York Mercantile Exchange (NYMEX). In Europe, Africa, and the Middle East, the benchmark is North Sea Brent Crude, which trades on the Intercontinental Exchange (ICE).

Crude oil prices are determined by global supply and demand. Economic growth is one of the biggest factors affecting petroleum product—and therefore crude oil—demand. Growing economies increase demand for energy in general and especially for transporting goods and materials from producers to consumers. The world’s transportation sector is almost totally dependent on petroleum products such as gasoline and diesel fuel. Many countries also rely heavily on petroleum fuels for heating, cooking, or generating electricity. Petroleum products made from crude oil and other hydrocarbon liquids account for about a third of total world energy consumption.

The Organization of the Petroleum Exporting Countries (OPEC) can have a significant influence on oil prices by setting production targets for its members. OPEC includes countries with some of the world's largest oil reserves. At the beginning of 2020, OPEC members controlled about 71% of total world proved crude oil reserves (plus lease condensate), and they accounted for 36% of total world crude oil production in 2020.

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