Crude Oil Price Today BRENT OIL PRICE CHART OIL PRICE PER BARREL

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Oil (WTI) Futures

WTI crude had a series of rallies and tumbles to reach a year-high price of $84.06 per barrel in late October 2021. The real-time price of Brent crude oil is at $77.48 per barrel, and the price of WTI convert euro to hong kong dollar crude oil is at $74.60 per barrel. Oil prices are customarily quoted in dollars (USD) around the world, not only in the US or when referring to US crude oil.

Brent crude oil prices traded in a narrow range in 2024

In December 2005 the global demand for crude Trading oco oil was 83.3 million barrels per day according to the International Energy Agency (IEA) and this will continue to rise further. The commodity of crude oil is by far the world’s most important energy source and the price of oil therefore plays an important role in industrial and economic development. The most important type of crude oil used in Europe is Brent Crude, named after the North Sea oilfield where it is extracted. Brent Crude is a particularly light crude oil which is carried from the North Sea to the Sullom Voe Terminal on Mainland, Shetland by an underwater pipeline.

• Crude oil is by far the world’s most important energy source and the price of oil therefore plays an important role in industrial and economic development.
• Oil prices are typically quoted per barrel — this is the same for the Brent crude oil spot price.
• WTI crude oil trades from Sunday through to Friday, 5 PM to 4 PM CT.
• Forms EIA uses to collect energy data including descriptions, links to survey instructions, and additional information.
• Alongside writing and editing, Marko works on projects related to online technology and digital marketing.

Consumption & Efficiency

The highest ever historical WTI crude oil price was at $141.63 per barrel. Other significant recent historical highs include $77.74 per barrel in Jul, 2006 and $109.50 per barrel in Aug, 2013. As with all commodities, oil prices are driven by supply and demand. This guide explains exactly what the oil spot price represents and what factors determine the constantly moving live price. Read on to learn more about the live crude oil price you see historically, or on active trading days. WTI crude oil also opened 2021 with an uptrend at $48.27 per barrel.

Iran Crude Oil Blends

Because the supply of crude oil is limited but demand is constantly growing, the price of oil is also continuously rising. The US investment bank Goldman Sachs estimates the proportion of crude oil used for primary materials production to be 45 percent. Today’s live Brent crude oil spot price is at $77.48 per barrel. Brent crude oil trades six days a week, so based on which day you’re looking at crude oil spot prices, you may be getting the last recorded live price.

• The US investment bank Goldman Sachs estimates the proportion of crude oil used for primary materials production to be 45 percent.
• Marko has been working on the road for over 5 years, and is currently based in Europe.
• Exactly one month ago, Brent crude oil’s spot price was at $72.77 per barrel.
• Tools to customize searches, view specific data sets, study detailed documentation, and access time-series data.
• The abbreviation indicates one barrel of crude oil, but you may see Gbbl (one billion barrels), as well as Mbbl (one million barrels) or Kbbl for one thousand barrels.
• Brent crude oil opened the year of 2020 amidst an uptrend that began in November 2020 from $38.84 per barrel and continued the rally to $68.72 per barrel until early March 2021.

WTI crude oil trades from Sunday through to Friday, 5 PM to 4 PM CT. If you check live prices on Saturdays, you will always see the last recorded WTI crude price from the previous Friday. Technological developments and changes in resource distributions along the oil supply chain will also impact crude oil spot prices.

From time to time new oil resources come online — like Canadian oil sands or US crude oil from oil shale — these add to the global supply. New sources can exert a downward force on oil prices, even in times forex trading online of heavy demand. In early September, crude oil prices declined to their lowest point of the year at $69/b. The trading range of Brent crude oil prices in real (inflation-adjusted) terms in 2024 was the narrowest in more than 20 years. In Brent crude oil’s instance, these reserves are under the seafloor, while WTI crude oil is extracted from reserves located under dry land.