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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 ...
Using benchmarks makes referencing types of oil easier for sellers and buyers. There is always a spread between WTI, Brent and other blends due to the relative volatility (high API gravity is more valuable), sweetness/sourness (low sulfur is more valuable) and transportation cost. This is the price that controls world oil market price.
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 prices could soar more than 60% by early next year if conflict in the Middle East continues to escalate, according to Citi. The bank said oil prices could go as high as $120 per barrel in the ...
Oil prices are headed lower next year. That's a tailwind for the incoming Trump administration. Oil 2025: A tailwind for Trump as Wall Street projects lower crude prices [Video]
The focus on oil comes after Trump on Thursday told reporters that "we may or may not" include oil in the tariffs and that a determination had yet to be made. In part "it depends on what the price ...
Price per million BTU of oil and natural gas in the US, 1998-2015. Natural gas prices, as with other commodity prices, are mainly driven by supply and demand fundamentals. However, natural gas prices may also be linked to the price of crude oil and petroleum products, especially in continental Europe.
According to the Energy Information Administration (EIA), as of March 2022, factors that affect the price of gasoline in the United States include the price of crude oil per barrel, costs and profits related to refining, distribution, and marketing, and taxes, along with the charge set by refiners for gasoline based on based on octane levels, with higher octane levels—premium grade cost ...