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According to the American Petroleum Institute (API), a standard barrel of oil is the amount of oil that would occupy a volume of exactly 1 barrel (158.99 L) at reference temperature and pressure conditions of 60 °F (15.6 °C) and 14.696 psi (1,013.25 hPa) (or 1 atm). This standard barrel of oil will occupy a different volume at different ...
Many drums nominally measure just under 880 millimetres (35 in) tall with a diameter just under 610 millimetres (24 in), and have a common nominal volume of 208 litres (55 US gal) whereas the barrel volume of crude oil is 42 US gallons (159 L). In the United States, 25-US-gallon (95-litre) drums are also in common use and have the same height.
The standard size barrel of crude oil or other petroleum product (abbreviated bbl) is 42 US gallons (35.0 imp gal; 159.0 L). This measurement originated in the early Pennsylvania oil fields , and permitted both British and American merchants to refer to the same unit, based on the old English wine measure, the tierce .
Historically a beer barrel was a standard size of 36 US gallons (140 L; 30 imp gal), as opposed to a wine barrel of 32 US gallons (120 L; 27 imp gal), or an oil barrel of 42 US gallons (160 L; 35 imp gal). Over the years barrel sizes have evolved, and breweries throughout the world use different sized containers.
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For measuring length, the U.S. customary system uses the inch, foot, yard, and mile, which are the only four customary length measurements in everyday use. From 1893, the foot was legally defined as exactly 1200 ⁄ 3937 m (approximately 0.304 8006 m). [13] Since July 1, 1959, the units of length have been defined on the basis of 1 yd = 0.9144 ...
JPMorgan forecasts Brent slipping from an average of $80 per barrel this year to $73 per barrel in 2025 and $61 in 2026. Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X ...
Oil prices are likely to be constrained near $70 a barrel in 2025 as weak demand from China and rising global supplies are expected to cast a shadow on OPEC+-led efforts to shore up the market, a ...