HighSky Brokers, a.s.
Vodičkova 710/31
110 00 Prague 1
phone: +420 222 767 100
fax: +420 222 767 101
email: office@highsky.com
Please feel free to visit us on any working day from 9:00 am till 6:00 pm
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Responsible for contacts with everyone interested in financial markets
phone: +420 222 767 102
email: sales@highsky.com
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print Oil Oil may be treated as one of the most important commodities when it comes to economical activity, mainly because so many sectors depend on it
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Rule of thumb
Oil prices respond to reported supply levels from OPEC on a regular basis
The price of oil represents the value of one barrel in US dollars, with one barrel being equivalent to 159,6 litres.
Oil is very significant to the world economy. Industries rely on oil, or its derivatives, to power supply for machinery, transportation and others. On the other hand, it is significant for individual consumers, as the price of consumer goods depends also on the cost of transportation, which in turn is dictated by the price of fuel. In this respect oil has a significant impact on the whole economy, influencing the inflation rate and the purchase power of households.
Major oil producers are Russia, Saudi Arabia, the United States, Iran and China. On the other hand, among the top oil importers are the United States, Japan and countries of the euro zone. Rising oil prices provide a positive boost to the producers, but at the same time have a negative impact on the economical
conditions of importers.
Oil prices are not only related to the natural available supplies, but also to the general economic situation in the world. Any negative economic or political events, such as wars or strikes, may trigger a rise in the prices of oil.