Crude oil is a naturally occurring petroleum product commonly used in energy production and manufacturing. Crude oil is often purchased for refining to produce everyday diesel, gasoline, heating oil, jet fuel, plastics, cosmetics, pharmaceuticals and fertilizers. Therefore, its price has a huge impact on the global economy. Overall, higher oil prices tend to weaken economic growth as private consumption typically stagnates as higher prices raise travel and transportation costs, adding to inflationary pressures.