The oil industry produces more than four billion metric tons of crude oil each year, of which about a third is contributed by Saudi Arabia. According to the IEA, the global demand for oil is expected to reach 1.4 million barrels per day (bpd) in 2019, a rise from the 1.3 million bpd in 2018. As of 2019, the United States surpassed Saudi Arabia and Russia to become the largest crude oil producing nation in the world. This means that any event related to the US economy will have a ripple effect on the world’s crude oil prices. Crude oil is one of the most popular commodities to trade, given that its market is extremely active, with even the tiniest news leading to price fluctuations. This offers multiple trading opportunities, especially for swing and day traders.