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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 ...
[6] [7] The highest recorded price per barrel maximum of $147.02 was reached on July 11, 2008. [8] After falling below $100 in the late summer of 2008, prices rose again in late September. On September 22, oil rose over $25 to $130 before settling again to $120.92, marking a record one-day gain of $16.37.
Indications of a world oil glut lead to a rapid decline in world oil prices early in 1982. OPEC appears to lose control over world oil prices. March: Damascus closes Iraq's 400,000 bbl/d (64,000 m 3 /d) trans-Syrian oil export pipeline to show support for Iran. March 11: U.S. boycotts Libyan crude. May 24:Iran recaptures Khorramshahr.
After OPEC and other nations agreed to lower their output target by 2 million barrels per day, the most since 2020, oil reached its highest level in more than a month. Brent finished the first week of October up 11 percent at $97.92 while WTI jumped 17 percent to $92.64. The gains were the most in a week since March. [131]
Oil extended gains as markets priced the supply impact of recently announced sanctions against Russia's energy market. ... rose nearly 3% to settle at $78.82 per barrel, the highest level since ...
On September 14, the 2019 Abqaiq–Khurais attack caused the loss of 5 percent of the world's oil supply, and WTI jumped 14.7 percent, the most in one day since 2008, to $62.90, the highest since June. Brent rose by 14.6 percent, the most ever in one day, to $69.02. [130] WTI rose 5.9 percent for the week, the most since June, to $58.09.
The US is pumping a record amount of oil. But that may not be welcome news to other crude-producing nations. Domestic output reached 13.4 million barrels a day in August, eclipsing all previous ...
The day after oil fell nearly 5 percent to a four-month low, the fourth down week finished with Brent at $80.61 and WTI at $75.89 as a result of continued bad news from China, high U.S. inventories and record production, with sanctions on Russian oil shipments causing prices to increase. [41] [42]