100+ datasets found
  1. Brent crude oil price annually 1976-2025

    • statista.com
    • ai-chatbox.pro
    Updated Jun 17, 2025
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    Statista (2025). Brent crude oil price annually 1976-2025 [Dataset]. https://www.statista.com/statistics/262860/uk-brent-crude-oil-price-changes-since-1976/
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    Dataset updated
    Jun 17, 2025
    Dataset authored and provided by
    Statistahttp://statista.com/
    Area covered
    Worldwide
    Description

    As of May 2025, the average annual price of Brent crude oil stood at 72 U.S. dollars per barrel. This is some eight U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility; such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and a low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.

  2. T

    Crude Oil - Price Data

    • tradingeconomics.com
    • ar.tradingeconomics.com
    • +13more
    csv, excel, json, xml
    Updated Jul 11, 2025
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    TRADING ECONOMICS (2025). Crude Oil - Price Data [Dataset]. https://tradingeconomics.com/commodity/crude-oil
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    csv, json, xml, excelAvailable download formats
    Dataset updated
    Jul 11, 2025
    Dataset authored and provided by
    TRADING ECONOMICS
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Time period covered
    Mar 30, 1983 - Jul 11, 2025
    Area covered
    World
    Description

    Crude Oil rose to 68.75 USD/Bbl on July 11, 2025, up 3.27% from the previous day. Over the past month, Crude Oil's price has risen 1.04%, but it is still 16.37% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on July of 2025.

  3. M

    Brent Crude Oil Prices

    • macrotrends.net
    csv
    Updated Jun 30, 2025
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    MACROTRENDS (2025). Brent Crude Oil Prices [Dataset]. https://www.macrotrends.net/2480/brent-crude-oil-prices-10-year-daily-chart
    Explore at:
    csvAvailable download formats
    Dataset updated
    Jun 30, 2025
    Dataset authored and provided by
    MACROTRENDS
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Time period covered
    1915 - 2025
    Area covered
    United States
    Description

    Interactive daily chart of Brent (Europe) crude oil prices over the last ten years. Values shown are daily closing prices.

  4. T

    Brent crude oil - Price Data

    • tradingeconomics.com
    • zh.tradingeconomics.com
    • +13more
    csv, excel, json, xml
    Updated May 27, 2017
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    TRADING ECONOMICS (2017). Brent crude oil - Price Data [Dataset]. https://tradingeconomics.com/commodity/brent-crude-oil
    Explore at:
    xml, csv, excel, jsonAvailable download formats
    Dataset updated
    May 27, 2017
    Dataset authored and provided by
    TRADING ECONOMICS
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Time period covered
    Apr 15, 1970 - Jul 14, 2025
    Area covered
    World
    Description

    Brent rose to 70.45 USD/Bbl on July 14, 2025, up 0.12% from the previous day. Over the past month, Brent's price has fallen 3.80%, and is down 16.98% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil - values, historical data, forecasts and news - updated on July of 2025.

  5. OPEC oil price annually 1960-2025

    • statista.com
    • ai-chatbox.pro
    Updated Mar 15, 2025
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    Statista (2025). OPEC oil price annually 1960-2025 [Dataset]. https://www.statista.com/statistics/262858/change-in-opec-crude-oil-prices-since-1960/
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    Dataset updated
    Mar 15, 2025
    Dataset authored and provided by
    Statistahttp://statista.com/
    Area covered
    Worldwide
    Description

    The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of June. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

  6. M

    WTI Crude Oil Prices - 10 Year Daily Chart

    • macrotrends.net
    csv
    Updated Jun 30, 2025
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    MACROTRENDS (2025). WTI Crude Oil Prices - 10 Year Daily Chart [Dataset]. https://www.macrotrends.net/2516/wti-crude-oil-prices-10-year-daily-chart
    Explore at:
    csvAvailable download formats
    Dataset updated
    Jun 30, 2025
    Dataset authored and provided by
    MACROTRENDS
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Time period covered
    1915 - 2025
    Area covered
    United States
    Description

    Interactive chart showing the daily closing price for West Texas Intermediate (NYMEX) Crude Oil over the last 10 years. The prices shown are in U.S. dollars.

  7. T

    Heating oil - Price Data

    • tradingeconomics.com
    • zh.tradingeconomics.com
    • +13more
    csv, excel, json, xml
    Updated Jul 14, 2013
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    TRADING ECONOMICS (2016). Heating oil - Price Data [Dataset]. https://tradingeconomics.com/commodity/heating-oil
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    excel, csv, xml, jsonAvailable download formats
    Dataset updated
    Jul 14, 2013
    Dataset authored and provided by
    TRADING ECONOMICS
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Time period covered
    Jan 2, 1980 - Jul 15, 2025
    Area covered
    World
    Description

    Heating Oil fell to 2.37 USD/Gal on July 15, 2025, down 0.96% from the previous day. Over the past month, Heating Oil's price has fallen 3.34%, and is down 4.06% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil - values, historical data, forecasts and news - updated on July of 2025.

  8. T

    Urals Oil - Price Data

    • tradingeconomics.com
    • pt.tradingeconomics.com
    • +13more
    csv, excel, json, xml
    Updated Jun 27, 2022
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    TRADING ECONOMICS (2022). Urals Oil - Price Data [Dataset]. https://tradingeconomics.com/commodity/urals-oil
    Explore at:
    csv, json, excel, xmlAvailable download formats
    Dataset updated
    Jun 27, 2022
    Dataset authored and provided by
    TRADING ECONOMICS
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Time period covered
    Jun 22, 2012 - Jul 11, 2025
    Area covered
    World
    Description

    Urals Oil rose to 66.46 USD/Bbl on July 11, 2025, up 2.31% from the previous day. Over the past month, Urals Oil's price has risen 2.96%, but it is still 18.42% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Urals Crude.

  9. F

    Global price of Brent Crude

    • fred.stlouisfed.org
    json
    Updated Apr 10, 2025
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    (2025). Global price of Brent Crude [Dataset]. https://fred.stlouisfed.org/series/POILBREUSDQ
    Explore at:
    jsonAvailable download formats
    Dataset updated
    Apr 10, 2025
    License

    https://fred.stlouisfed.org/legal/#copyright-citation-requiredhttps://fred.stlouisfed.org/legal/#copyright-citation-required

    Description

    Graph and download economic data for Global price of Brent Crude (POILBREUSDQ) from Q1 1990 to Q1 2025 about crude, oil, World, and price.

  10. k

    Crude Oil Prices

    • datasource.kapsarc.org
    • data.kapsarc.org
    • +1more
    Updated Oct 10, 2022
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    (2022). Crude Oil Prices [Dataset]. https://datasource.kapsarc.org/explore/dataset/crude-oil-prices-us-dollarsbarrel-1981-2015/
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    Dataset updated
    Oct 10, 2022
    Description

    This dataset contains information about world's crude oil prices for 1861-2020. Data from BP. Follow datasource.kapsarc.org for timely data to advance energy economics research.Notes: 1861-1944 US Average 1945-1983 Arabian Light posted at Ras Tanura 1984-2016 Brent dated. $2020 (deflated using the Consumer Price Index for the US

  11. Average Home Heating Oil Prices by Region: Beginning 1997

    • data.ny.gov
    • catalog.data.gov
    application/rdfxml +5
    Updated Jul 10, 2025
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    New York State Energy Research and Development Authority (NYSERDA) (2025). Average Home Heating Oil Prices by Region: Beginning 1997 [Dataset]. https://data.ny.gov/Energy-Environment/Average-Home-Heating-Oil-Prices-by-Region-Beginnin/rc94-5y2u
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    json, csv, application/rssxml, tsv, xml, application/rdfxmlAvailable download formats
    Dataset updated
    Jul 10, 2025
    Dataset provided by
    New York State Energy Research and Development Authorityhttps://www.nyserda.ny.gov/
    Authors
    New York State Energy Research and Development Authority (NYSERDA)
    Description

    The Average Home Heating Oil Prices dataset provides New York residents and businesses with objective information on average residential retail heating fuel oil pricing in New York State and by region beginning September 8, 1997. Pricing data is obtained via surveys conducted by NYSERDA staff on a weekly basis during heating season (September to March) and bi-weekly during the rest of the year. All prices are listed in dollars per gallon.

    The Average Home Heating Oil Prices dataset, Average Residential Retail Kerosene Prices dataset, and Average Residential Retail Propane Prices dataset are collectively referred to as the Heating Fuel Prices dataset.

    For current and historical residential retail price data, regional comparisons, and fuel type comparisons, please visit the Home Heating Oil Prices Dashboard: https://www.nyserda.ny.gov/Researchers-and-Policymakers/Energy-Prices/Home-Heating-Oil/Average-Home-Heating-Oil-Prices

    The New York State Energy Research and Development Authority (NYSERDA) offers objective information and analysis, innovative programs, technical expertise, and support to help New Yorkers increase energy efficiency, save money, use renewable energy, accelerate economic growth, and reduce reliance on fossil fuels. To learn more about NYSERDA’s programs, visit nyserda.ny.gov or follow us on X, Facebook, YouTube, or Instagram.

  12. Average Crude Oil Prices by Year

    • indexbox.io
    doc, docx, pdf, xls +1
    Updated Jul 1, 2025
    + more versions
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    IndexBox Inc. (2025). Average Crude Oil Prices by Year [Dataset]. https://www.indexbox.io/search/average-crude-oil-prices-by-year/
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    xls, doc, pdf, xlsx, docxAvailable download formats
    Dataset updated
    Jul 1, 2025
    Dataset provided by
    IndexBox
    Authors
    IndexBox Inc.
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Time period covered
    Jan 1, 2012 - Jul 14, 2025
    Area covered
    World
    Variables measured
    Price CIF, Price FOB, Export Value, Import Price, Import Value, Export Prices, Export Volume, Import Volume
    Description

    An overview of average crude oil prices by year from 1970 to 2021, highlighting the factors influencing fluctuations and the impact on global energy markets and economies.

  13. WTI and Brent crude oil's average annual spot prices 1990-2024

    • statista.com
    Updated Feb 5, 2025
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    Statista (2025). WTI and Brent crude oil's average annual spot prices 1990-2024 [Dataset]. https://www.statista.com/statistics/209641/average-annual-spot-price-of-wti-and-brent-crude-oil/
    Explore at:
    Dataset updated
    Feb 5, 2025
    Dataset authored and provided by
    Statistahttp://statista.com/
    Area covered
    Worldwide
    Description

    The average spot price for West Texas Intermediate crude oil came to 76.63 U.S. dollars per barrel in 2024, a decrease of nearly one U.S. dollars compared to the previous year. The 2024 average spot price for Brent crude oil was 80.52 U.S. dollars. Both Brent and WTI are light crude oils, with the first used as a benchmark for gasoline prices around the world. Spot prices vs. future prices Spot prices refer to current market prices under which a commodity such as one barrel of crude oil may be bought for immediate delivery. In contrast, future prices refer to settlement and delivery at a later date. As a major refinery and storage hub, Cushing in Oklahoma is the delivery location for WTI traded via the New York Mercantile Exchange. When storage capacities threatened to reach their maximum capacity in April 2020, the WTI oil price crashed as a result, trading at record low prices. The WTI oil price fell into negative numbers for the first time in its history, closing out at negative 37.63 U.S. dollars per barrel on April 20th. The lowest value for Brent prices was 19.33 U.S. dollars per barrel. Influences on oil prices Oil prices are volatile commodities as their trading and delivery is heavily influenced by overall market development and geopolitical events. For example, the Russia-Ukraine war and resulting Russian sanctions brought about fears of supply bottlenecks, which pushed oil prices to decade-highs also reflected in the 2022 annual average.

  14. d

    Master Data: Year- and Month-wise International FOB (Free On Board) Price of...

    • dataful.in
    Updated Jun 24, 2025
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    Dataful (Factly) (2025). Master Data: Year- and Month-wise International FOB (Free On Board) Price of Crude Oil (Indian Basket) [Dataset]. https://dataful.in/datasets/292
    Explore at:
    xlsx, application/x-parquet, csvAvailable download formats
    Dataset updated
    Jun 24, 2025
    Dataset authored and provided by
    Dataful (Factly)
    License

    https://dataful.in/terms-and-conditionshttps://dataful.in/terms-and-conditions

    Area covered
    India
    Variables measured
    Price
    Description

    High Frequency Indicator: The dataset contains year- and month-wise historically compiled data from the year 2000-01 to till date on International Free On Board (FOB) price of crude oil (indian basket)

    Notes: 1. The FOB (Free On Board) price is the price of goods at the frontier of the exporting country or price of a service provided to a non-resident. It includes the values of the goods or services at the basic price, the transport and distribution services up to the frontier, the taxes minus the subsidies 2. The composition of Indian Basket of Crude oil represents Average of Oman & Dubai for sour grades and Brent (Dated) for sweet grade. The ratio of crude oil for this purpose is taken based on actual sour and sweet grade crude oil processed in the country in the previous financial year
    3. Crude oil with high amount of sulphur is termed as sour and with less sulphur is called the sweet grade

  15. Average Price of Crude Oil by Year

    • indexbox.io
    doc, docx, pdf, xls +1
    Updated Jul 1, 2025
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    IndexBox Inc. (2025). Average Price of Crude Oil by Year [Dataset]. https://www.indexbox.io/search/average-price-of-crude-oil-by-year/
    Explore at:
    pdf, doc, docx, xlsx, xlsAvailable download formats
    Dataset updated
    Jul 1, 2025
    Dataset provided by
    IndexBox
    Authors
    IndexBox Inc.
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Time period covered
    Jan 1, 2012 - Jul 2, 2025
    Area covered
    World
    Variables measured
    Price CIF, Price FOB, Export Value, Import Price, Import Value, Export Prices, Export Volume, Import Volume
    Description

    Explore the average price of crude oil by year, from 2000 to 2020, and understand the factors that influenced its fluctuations. From the global financial crisis to the COVID-19 pandemic, discover the volatile nature of this important commodity and its uncertain future. Sources: U.S. Energy Information Administration (EIA), International Monetary Fund (IMF), Organization of the Petroleum Exporting Countries (OPEC)

  16. w

    Monthly and annual prices of road fuels and petroleum products

    • gov.uk
    • s3.amazonaws.com
    Updated Jun 26, 2025
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    Department for Energy Security and Net Zero (2025). Monthly and annual prices of road fuels and petroleum products [Dataset]. https://www.gov.uk/government/statistical-data-sets/oil-and-petroleum-products-monthly-statistics
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    Dataset updated
    Jun 26, 2025
    Dataset provided by
    GOV.UK
    Authors
    Department for Energy Security and Net Zero
    Description

    https://assets.publishing.service.gov.uk/media/685aa478e9509f1a908eb11d/table_411_413_7_.xlsx">Monthly: Typical/average annual retail prices of petroleum products and a crude oil price index (QEP 4.1.1 to 4.1.3)

    MS Excel Spreadsheet, 1.05 MB

    This file may not be suitable for users of assistive technology.

    Request an accessible format.
    If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email alt.formats@energysecurity.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

    For enquiries concerning this table contact: energyprices.stats@energysecurity.gov.uk

  17. F

    Crude Oil Prices: Brent - Europe

    • fred.stlouisfed.org
    json
    Updated Jun 18, 2025
    + more versions
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    (2025). Crude Oil Prices: Brent - Europe [Dataset]. https://fred.stlouisfed.org/series/DCOILBRENTEU
    Explore at:
    jsonAvailable download formats
    Dataset updated
    Jun 18, 2025
    License

    https://fred.stlouisfed.org/legal/#copyright-public-domainhttps://fred.stlouisfed.org/legal/#copyright-public-domain

    Description

    Graph and download economic data for Crude Oil Prices: Brent - Europe (DCOILBRENTEU) from 1987-05-20 to 2025-06-16 about crude, oil, Europe, commodities, and price.

  18. Ecuador Crude Oil: Price: Average: Oriente

    • ceicdata.com
    Updated Jan 15, 2025
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    CEICdata.com (2025). Ecuador Crude Oil: Price: Average: Oriente [Dataset]. https://www.ceicdata.com/en/ecuador/crude-oil-prices/crude-oil-price-average-oriente
    Explore at:
    Dataset updated
    Jan 15, 2025
    Dataset provided by
    CEIC Data
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Time period covered
    Jul 1, 2018 - Jun 1, 2019
    Area covered
    Ecuador
    Variables measured
    Petroleum
    Description

    Ecuador Crude Oil: Price: Average: Oriente data was reported at 57.272 USD/Barrel in Jun 2019. This records a decrease from the previous number of 62.779 USD/Barrel for May 2019. Ecuador Crude Oil: Price: Average: Oriente data is updated monthly, averaging 69.726 USD/Barrel from Jan 2010 (Median) to Jun 2019, with 114 observations. The data reached an all-time high of 113.748 USD/Barrel in Apr 2012 and a record low of 23.254 USD/Barrel in Jan 2016. Ecuador Crude Oil: Price: Average: Oriente data remains active status in CEIC and is reported by Central Bank of Ecuador. The data is categorized under Global Database’s Ecuador – Table EC.P001: Crude Oil Prices.

  19. Ecuador Crude Oil: Price: Average: Napo

    • ceicdata.com
    Updated Jan 15, 2025
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    CEICdata.com (2025). Ecuador Crude Oil: Price: Average: Napo [Dataset]. https://www.ceicdata.com/en/ecuador/crude-oil-prices/crude-oil-price-average-napo
    Explore at:
    Dataset updated
    Jan 15, 2025
    Dataset provided by
    CEIC Data
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Time period covered
    Jul 1, 2018 - Jun 1, 2019
    Area covered
    Ecuador
    Variables measured
    Petroleum
    Description

    Ecuador Crude Oil: Price: Average: Napo data was reported at 51.782 USD/Barrel in Jun 2019. This records a decrease from the previous number of 56.970 USD/Barrel for May 2019. Ecuador Crude Oil: Price: Average: Napo data is updated monthly, averaging 64.383 USD/Barrel from Jan 2010 (Median) to Jun 2019, with 114 observations. The data reached an all-time high of 112.380 USD/Barrel in Mar 2012 and a record low of 16.377 USD/Barrel in Feb 2016. Ecuador Crude Oil: Price: Average: Napo data remains active status in CEIC and is reported by Central Bank of Ecuador. The data is categorized under Global Database’s Ecuador – Table EC.P001: Crude Oil Prices.

  20. Ecuador Crude Oil: Price: Average: Petroleum WTI

    • ceicdata.com
    Updated May 15, 2023
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    CEICdata.com (2023). Ecuador Crude Oil: Price: Average: Petroleum WTI [Dataset]. https://www.ceicdata.com/en/ecuador/crude-oil-prices/crude-oil-price-average-petroleum-wti
    Explore at:
    Dataset updated
    May 15, 2023
    Dataset provided by
    CEIC Data
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Time period covered
    Jul 1, 2018 - Jun 1, 2019
    Area covered
    Ecuador
    Variables measured
    Petroleum
    Description

    Ecuador Crude Oil: Price: Average: Petroleum WTI data was reported at 54.680 USD/Barrel in Jun 2019. This records a decrease from the previous number of 60.730 USD/Barrel for May 2019. Ecuador Crude Oil: Price: Average: Petroleum WTI data is updated monthly, averaging 75.215 USD/Barrel from Jan 2010 (Median) to Jun 2019, with 114 observations. The data reached an all-time high of 109.890 USD/Barrel in Apr 2011 and a record low of 30.330 USD/Barrel in Feb 2016. Ecuador Crude Oil: Price: Average: Petroleum WTI data remains active status in CEIC and is reported by Central Bank of Ecuador. The data is categorized under Global Database’s Ecuador – Table EC.P001: Crude Oil Prices.

Share
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Close
Cite
Statista (2025). Brent crude oil price annually 1976-2025 [Dataset]. https://www.statista.com/statistics/262860/uk-brent-crude-oil-price-changes-since-1976/
Organization logo

Brent crude oil price annually 1976-2025

Explore at:
98 scholarly articles cite this dataset (View in Google Scholar)
Dataset updated
Jun 17, 2025
Dataset authored and provided by
Statistahttp://statista.com/
Area covered
Worldwide
Description

As of May 2025, the average annual price of Brent crude oil stood at 72 U.S. dollars per barrel. This is some eight U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility; such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and a low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.

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