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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 ...
English: The chart in the figure shows the change in WTI oil prices between 2013 and 2023 (data availability by CNBC). The x-axis of the graph shows dots of different colours for each year, representing the start price, end price, and the highest and lowest prices for each year. y-axis represents the price of oil in US dollars per barrel.
Oil production in the interior of North America has exceeded the capacity of pipelines to carry it to markets on the Gulf Coast and east coast of North America; as a result, the oil price on the US and Canadian east coast and parts of the US Gulf Coast since 2011 has been set by the price of Brent Crude, while markets in the interior still ...
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Using benchmarks makes referencing types of oil easier for sellers and buyers. There is always a spread between WTI, Brent and other blends due to the relative volatility (high API gravity is more valuable), sweetness/sourness (low sulfur is more valuable) and transportation cost. This is the price that controls world oil market price.
Devon Energy's (NYSE: DVN) stock price has fallen nearly 30% from its 52-week highs. That drop roughly tracks along with the price declines in West Texas Intermediate crude, a key U.S. oil benchmark.
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As oil production increased, the oil shale refiners discovered that their refining process worked just as well with petroleum, and that petroleum was a cheaper raw material than shale oil. In 1861, the existing oil shale refiners switched to petroleum feedstock, and the oil shale mines shut down.