Crude oil is one of the most widely used energy sources in the world that has limited applications and has to be refined before use. The refined crude oil produces a wide range of products such as diesel, gasoline, jet fuel and other products. Because oil is an important input in many industrial processes and has a crucial role as the world main transportation fuel, it is of extreme importance to the global economy. Hence, there is a strong relationship between oil prices and the economic indicators of: economic growth, disposable income, inflation and consumer spending. Besides, oil trading benefits exporters and importers in terms of earnings and utilization in carrying out various types of investments. Consequently, oil investors monitor oil prices carefully together with other economic indicators to help them understand and forecast future movements in the oil industry.