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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 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]
U.S. crude and fuel inventories rose and oil prices fell, still finishing higher for the 5th week. [78] In the last full week of January, WTI reached $88.84, the highest in seven years, before settling at $86.82. Brent reached $91.70, highest since October 2014, before falling to $90.03. Both had the most up weeks since October. [79]
The price of benchmark U.S. crude oil, called West Texas Intermediate, has tumbled to about $70 a barrel from $120 in June 2022, shortly after Russia’s invasion of Ukraine.
Expect Brent crude prices to stay relatively flat next year before falling in 2025, say JPMorgan analysts. Oil: JPMorgan expects 'more of the same' in the oil market in 2024 [Video] Skip to main ...
Oil production cuts by Russia and the Organization of the Petroleum Exporting Countries (OPEC) have helped push Brent crude prices up some 10% over the past month to roughly $93 per barrel.
The price on NYMEX has been above US$50 per barrel since March 5, 2005. In June 2005, crude oil prices broke the psychological barrier of $60 per barrel. From 2005 onwards, the price elasticity of the crude oil market changed significantly. Before 2005 a small increase in oil price lead to an noticeable expansion of the production volume.
Crude oil makes up about half the price of a gallon of gasoline, making crude the key factor on top of distribution costs and taxes. Motorists in Europe see far smaller fluctuations because taxes ...