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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).
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 ...
After U.S. inventories reached a record at the end of February, oil fell for three straight days and closed at its lowest level in nearly a month, with WTI at $52.61 and Brent at $55.08. [10] Oil continued to fall, with Brent crude reaching $51.50, the lowest since November 30, on March 9, a day after a 5% drop, the most it had moved in a day ...
WTI crude oil futures settled at their lowest level since January 25 on Tuesday as energy prices continue to moderate.
Brent finished July at $85.43 and WTI at $81.80, both the highest since April for the third day, and the biggest increase for a month since January 2022, with expectations of lower supply and higher demand. [28] After six weeks of gains, WTI was up 20 percent to $82.82 on August 4, and Brent finished at $86.24, up 17 percent.
On January 6, 2016, the price of WTI crude hit another eleven-year low, as it dropped to 32.53 a barrel for the first time since 2009. [85] On January 12, in its seventh losing day, crude oil dropped below $30 for the first time since December 2003, ending the day at $30.44, as gas fell below $1.97. [86]
By December 12, both Brent and WTI reached their lowest prices since 2009; Brent dropped to $62.75 a barrel and WTI slid to $58.80 . [97] Later in the month the price of oil was down 50% since April. Economic problems in Europe and Asia, high gas mileage, a strong dollar, higher U.S. production and no action by OPEC have been credited.
A benchmark crude or marker crude is a crude oil that serves as a reference price for buyers and sellers of crude oil. There are three primary benchmarks, West Texas Intermediate (WTI), Brent Blend, and Dubai Crude.