What is Oil ?

Crude oil is a naturally occurring petroleum product commonly used in energy production and manufacturing. It is typically purchased with the intent to be refined into everyday uses such as diesel, gasoline, heating oil, jet fuel, plastics, cosmetics, medicines and fertilisers. As such its price has a dramatic impact on the global economy. In general, higher oil prices tend to undermine economic growth as this increases travel and shipping expenses, which increase inflationary pressures and thus personal consumption typically weans.