Because the supply of crude oil is limited but demand is constantly increasing, the price of oil is also continuously rising. Because crude oil is needed to manufacture other primary materials, it is the world’s most important commodity. The US investment bank Goldman Sachs estimates the proportion of crude oil used for primary materials production to be 45 per cent. Because the supply of crude oil is limited but demand is constantly growing, the price of oil is also continuously rising. It’s more than doubled so far this year, and its climb has accelerated since Election Day. President-elect Donald Trump has pledged to make the country “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. BJ’S Wholesale Club rose 8.3% after likewise delivering a bigger profit than expected. That may help calm worries about how resilient U.S. shoppers can remain, given high prices across the economy and still-high interest rates. The frenzy around AI is sweeping up other stocks, and Snowflake jumped 32.7% after reporting stronger results for the latest quarter than analysts expected. Unit conversion for Oil (WTI) Price Today The US Dollar Index broke a fresh two-year high after preliminary European PMIs cast a […]