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Crude oil is the energy commodity that still powers the world. While concerns about the environment are likely to decrease the use of fossil fuels over the coming years, crude oil continues to be a ubiquitous energy commodity. Over half the world's petroleum reserves are in the Middle East, and the nation with the largest reserves is Venezuela. Since crude oil comes from some of the most troubled areas on the earth, geopolitical events can cause supply concerns leading to increased price volatility.
Last week, the price of oil failed at over the $60 per