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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.
The current WTI contract was trading lower than the second month contract for the first time since 2021. [138] The next week was the third down week for both Brent, down nearly 5 percent to $83.63, and WTI, finishing almost 5 percent lower at $76.28. Brent joined WTI with second months trading at less than the front month due to oversupply.
At the end of the fourth straight down month and the second week of declines, Brent finished at $80.33, while WTI finished up for the month for the first time in six months at $76.78. Recession fears and concern over banks outweighed the lowest U.S. crude production since November and the highest demand for fuel since December. [14] [15]
Assess WTI prices were affected, and the WTI spot price dropped to -$36.98 on April 20. [27] At the same time, Mars crude oil produced in the US Gulf Coast (USGC) settled at -$26.63, and Middle East exporters who uses ASCI (of which Mars is a component) as the selling price benchmark had to settle for negative prices that day. [12]
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 ...
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.
In February, with U.S. crude supplies up, WTI fell to $61.79, the lowest level in a month, and Brent fell below $66 for the first time in 2018. [ 64 ] With both crude oil stocks and gasoline inventories up, and U.S. production at a high, WTI finished February down 4.8%, the first loss for a month since August, and Brent finished down 4.7%. [ 65 ]
During the same time period the price of the benchmark West Texas Intermediate (WTI) rose 10.9% averaging $102.07 a barrel in April 2014. [96] [96] In April 2020, the price of WTI was $16.55 and the price of WCS was $3.50 with a differential of -$13.05. [15] In June the price of WTI was $38.31 and WCS $33.97, with a differential of -$4.34. [15]