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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 Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index distributed by Bloomberg Index Services Limited. The index was originally launched in 1998 as the Dow Jones-AIG Commodity Index ( DJ-AIGCI ) and renamed to Dow Jones-UBS Commodity Index ( DJ-UBSCI ) in 2009, when UBS acquired the index from AIG .
Metric regions commonly use the tonne of oil equivalent (toe), or more often million toe (Mtoe). Since this is a measurement of mass, any conversion to barrels of oil equivalent depends on the density of the oil in question, as well as the energy content. Typically 1 tonne of oil has a volume of 1.08 to 1.19 cubic metres (6.8 to 7.5 bbl).
In the US, the dry quart and dry pint are exactly 15121 / 92400 larger than their liquid counterparts, while the dry barrel is exactly 1 / 33 smaller than the fluid barrel, except for barrels of beer (dry barrels are exactly 5 / 341 smaller) and barrels of oil (dry barrels are exactly 3 / 11 smaller).
A commodity price index is a fixed-weight index or (weighted) average of selected commodity prices, which may be based on spot or futures prices. It is designed to be representative of the broad commodity asset class or a specific subset of commodities, such as energy or metals.
In the oil field, it is often important to differentiate between rates of production of fluids, which may be a mix of oil and water, and rates of production of the oil itself. If a well is producing 10 MBD (millions of barrels per day) of fluids with a 20% water cut, then the well would also be said to be producing 8,000 barrels of oil a day (bod).
West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the spot price, the futures price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI Crude Oil futures contract traded on the New York Mercantile Exchange (NYMEX). The WTI oil grade is also known as Texas light sweet.
In Canada, a teaspoon is historically 1 ⁄ 6 imperial fluid ounce (4.74 mL) and a tablespoon is 1 ⁄ 2 imperial fl oz (14.21 mL). In both Britain and Canada, cooking utensils commonly come in 5 mL for teaspoons and 15 mL for tablespoons, hence why it is labelled as that on the chart. The volume measures here are for comparison only.