What is global trade?
Global trade The simplest definition is international trade, which means the process of trading goods and products between two or more foreign markets. International trade allows countries to expand their markets and gain access to goods and services that might never be available in that country without international trade. As a result of international trade, markets become more competitive, which ultimately leads to more competitive pricing and cheaper goods for the consumer. International trade and foreign trade have been a fundamental factor in the emergence of the global economy. In international trade, supply and demand, and ultimately prices, are affected by global events, as a result of which global economic variables are defined and examined globally. For example, political change in Asia could lead to higher labor costs. This can increase the cost of producing an agricultural product, and increase the price of a product that a European consumer may…
What are the key takeaways of oil
Oil price and economy The oil industry is one of the most effective and largest industries in the world. In addition to being a major source of energy in today’s world, oil also plays an important role in determining the level of national power and international prestige of different countries. Benchmark U.S. crude oil prices dived into negative territory on Monday, due to a collapse in demand caused by the Corona virus pandemic and a lack of storage capacity for excess supply. While June futures contracts for WTI crude and prices for Brent crude remain positive at levels of over $20 per barrel, the pain for the oil prices may be far from over, given that transportation and industrial activity, which together account for more than 90% of crude oil demand, are likely to remain depressed in the near-term. Our analysis U.S Oil Consumption by Sector shows underlying numbers across…