Crude oil, also known as Black Gold, is regarded as the mother of the financial market due to its numerous applications ranging from fuel to petrochemicals to cosmetics. Crude oil is used to power automobiles, trucks, planes, boats, and railways. It is also used in a variety of products, including road asphalt, lubricants for various equipment, and plastics for toys, bottles, and food packaging.

Crude oil makes a significant contribution to global economic development. Crude oil price movements have caused havoc in the global financial market in general, and the commodity market in particular, over the last two years. Its prices are influenced by factors such as supply and demand, geopolitical tension, weekly oil inventories, international trade trends, hurricanes in the Gulf of Mexico, and so on.