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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 ...
This includes the resources it takes for exploration, to remove it from the ground, and transport it. Between 2004 and 2008, there was an increase in fuel costs due in large part to a worldwide increase in demand for crude oil. Prices leapt from $35 to $140 per barrel ($220 to $880/m 3), causing a corresponding increase in gas prices. [15]
Being a good 30 years newer, it may have drastically different data based on more accurate research. I would have to pay for access, though. I am not a big fan of how the graph is a composite of three different sources. It sort of seems like an apples and oranges comparison to me. The 1861–1944 data is domestic crude oil first purchase price.
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A barrel that today costs $100 is the equivalent, in real dollars, to a $71 barrel in 2010 and a $56 barrel in 2000. ... “You need at least $80 [per barrel] to invest in marginal new oil ...
x-axis: year, begins with 2000 y-axis: price of crude oil in dollars per barrel, West Texas Intermediate benchmark full year range: File:Crude oil price WTI EIA.svg Date
Oil prices will fall to an average of $65 per barrel in 2025 amid an oversupply of crude and a ... JPMorgan forecasts Brent slipping from an average of $80 per barrel this year to $73 per barrel ...
Brent crude futures have seen a similar rise of more than 30% over the same period, currently hovering above $94 per barrel. Citi's analysts see oil averaging $84 in the fourth quarter 2023 and ...