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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 ...
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.
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]
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The national average cost of retail gasoline sits at $3.58 per gallon, ... Oil surged in the third quarter of this year amid continued OPEC+ production cuts and unilateral reductions by Saudi ...
The analyst and his team expect Brent to rise to $86 per barrel in the third quarter and stuck with their range forecast of $75 to $90 per barrel. Oil has been on a downward trend since April, ...
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 ...
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 significantly. Before 2005 a small increase in oil price lead to an noticeable expansion of the production volume.