To trade in oil effectively, it is of course necessary to be capable of understanding the charts and completing technical analyses, but also to closely follow news and events in this market. The fundamental events that influence the price of black gold are both diverse and frequent which makes it unavoidable for all self respecting traders.
But how to follow the news and events on oil and which events should be followed as a priority? This is what we shall study closely here with information and some practical advice.
Where to follow current events on oil:
Although there are magazines and newspapers that are specialised in sport or other activities, it is pointless to visit your local newsstand looking for a daily newspaper dealing with oil news and events.
However, the internet has many specialised websites where you can find information in real time on the major events and news of the petroleum market. It is best to subscribe to a few newsletters that you will receive directly in your email inbox. You can also create an alert with your preferred search engine.
You should also know that the CFD brokers post news and events relating to the major financial markets including that of commodities. From your trading platform you should therefore be able to freely access important information concerning oil and the petroleum sector. Certain brokers also offer sms alerts to ensure you do not miss any trading opportunities.
What are the priority events and news for oil:
Of course, all the news and events relating to oil and the oil market will not have the same impact on the price per barrel. It is therefore crucial that you can identify and prioritise the most important information. Among the most influential on the oil price are the following:
- Current events concerning oil production: Everything that touches the regulations implemented by OPEC and the production levels of the oil exporting countries will greatly influence the price. Therefore, a higher production will tend to lower the price, and vice versa.
- American oil stocks: Published every week and in the absence of other major events, they play an important role in the price per barrel over the short term. There again, high stocks will generally lead to a fall in the price, and vice versa.
- Geopolitical events: Particularly those that concern the oil producing countries. A war situation, embargo or other catastrophe will naturally affect these countries and have a major influence on the movements of prices over the medium term.
- Finally, do not forget that the value of the American Dollar against other currencies can favour the buying or selling of oil as this is the currency used for trading in oil.