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Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $134 per barrel in 2024 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($77 to $29 in 2024 dollars).
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While Harvey has had little effect on crude prices, [44] the price of gas reached $2.59 on September 2, up 17.5 cents since August 23 and 16.7% higher than 2016, [45] with more dramatic increases in states dependent on the Colonial Pipeline, which closed until inspection was complete. [46]
JCC prices are available from the Organisation for Economic Co-operation and Development (OECD). [14] The JCC has had continuous price fluctuations over its history, whilst still steadily increasing. From the raw data and graph, the two major spikes in prices can be seen in 2008 and 2011–12. A comparatively dramatic price low can be observed ...
As our Chart of the Week shows, headline PCE inflation, which includes all categories, showed prices actually fell from the prior month by 0.1%. This marked the first outright decline in prices ...
WTI reached $31.13, down 24.6 percent, with Brent $34.36, down 24.1 percent. Both were the lowest since 2016 and the one-day decline was the largest since 1991. [8] On a week when oil fell the most since 2014, Russia rejected plans by OPEC and others to help calm the oil market, and Saudi Arabia was expected to increase production. [9]