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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 ...
[6] [7] The highest recorded price per barrel maximum of $147.02 was reached on July 11, 2008. [8] After falling below $100 in the late summer of 2008, prices rose again in late September. On September 22, oil rose over $25 to $130 before settling again to $120.92, marking a record one-day gain of $16.37.
1859 was the year oil drilling began in the United States, in Titusville, Pennsylvania, and so I imagine it took a couple of years for prices to get down to realistic levels. Prices from the first couple of years of production are probably meaningless. Data from 1945–1985 is said to be the price for "Arabian Light posted at Ras Tanura". I don ...
January 20: Six exporting countries – Abu Dhabi, Iran, Iraq, Kuwait, Qatar and Saudi Arabia – conclude ten days of meetings with Western oil companies. An agreement is reached to raise the posted price of crude by 8.49 percent to offset the loss in value of oil concessions attributable to the decline in value of the U.S. dollar.
Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened? On this day in 1979, OPEC raised the price of crude oil by 9 percent from $13.34 ...
The day after oil fell nearly 5 percent to a four-month low, the fourth down week finished with Brent at $80.61 and WTI at $75.89 as a result of continued bad news from China, high U.S. inventories and record production, with sanctions on Russian oil shipments causing prices to increase. [41] [42]
Final Take To GO. The highest gas prices in U.S. history may have occurred in 2022, but the future of what you will pay at the pump remains ominous for the rest of 2023 and for the next several years.
The move in oil prices has also led to the energy sector outperforming the S&P 500 so far this year, with the S&P 500 Energy Select ETF touching another 52-week high on Tuesday amid a broader sell ...