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What is the commodity price of oil?

The commodity price of oil is the value at which the price of oil is traded in markets throughout the world. Much like gold, silver, natural gas, and now water, oil is a commodity that is taken from producers and sold on the open market.

Is crude oil a global commodity?

Although crude oil, gold prices are global commodities, they don’t have a direct relation between them. The global financial markets are affected by the global commodities market and the global commodities market is affected by the state of the global economy.

Is oil a commodity?

Much like gold, silver, natural gas, and now water, oil is a commodity that is taken from producers and sold on the open market. Expressed as a real dollar amount, the commodity price of crude oil is sometimes referred to as black gold thanks to its centuries as a valuable resource.

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