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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 ...
A typical modern application would be Honda motor's use of 5W-20 (and in their newest vehicles, 0W-20) viscosity oil for 12,000 kilometres (7,500 mi). Engine designs are evolving to allow the use of even lower-viscosity oils without the risk of excessive metal-to-metal abrasion, principally in the cam and valve mechanism areas.
Synthetic oil is a lubricant consisting of chemical compounds that are artificially modified or synthesised. Synthetic lubricants can be manufactured using chemically modified petroleum components rather than whole crude oil , but can also be synthesized from other raw materials.
After retreating for several months in late 2004 and early 2005, crude oil prices rose to new highs in March 2005. 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 ...
The brand was formerly owned and operated by an oil and gas corporation of the same name (Mobil Oil Corporation), which itself merged with Exxon to form ExxonMobil in 1999. A direct descendant of Standard Oil , Mobil was originally known as the Standard Oil Company of New York (shortened to Socony) after Standard Oil was split into 43 different ...
Producer price index data released on December 12 reported wholesale prices — or the prices manufacturers pay to producers of goods and services — rising 3% year over year in November, ...
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