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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 ...
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A set of models published in a 2014 Ph.D. thesis predicted that a 2012 peak would be followed by a drop in oil prices, which in some scenarios could turn into a rapid rise in prices thereafter. [68] According to energy blogger Ron Patterson, the peak of world oil production was probably around 2010. [69]
U.S. crude and fuel inventories rose and oil prices fell, still finishing higher for the 5th week. [78] In the last full week of January, WTI reached $88.84, the highest in seven years, before settling at $86.82. Brent reached $91.70, highest since October 2014, before falling to $90.03. Both had the most up weeks since October. [79]
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Crude oil markets initially rallied a bit during the trading session on Wednesday as we continue to see a lot of bullish pressure, but we have given back the gains.
In the process of creating Image:Oil Prices 1861 2007.svg, I realized what an incredible wealth of information is available on the Energy Information Administration's web site. The 1861–2007 graph uses yearly averages, and I couldn't think of a really satisfying way to incorporate the price jumps of the past couple of months.
"I think you need to see crude oil prices at $100 to $110 per barrel with gasoline prices rising to $4.00 to $4.25 per gallon to have the consumer change their driving habits resulting in demand ...