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.

Crude Oil fell to 65.37 USD/Bbl on July 2, 2025, down 0.12% from the previous day. Over the past month, Crude Oil's price has risen 3.09%, but it is still 21.43% 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.

On June 30, 2025, the Brent crude oil price stood at 66.64 U.S. dollars per barrel, compared to 65.11 U.S. dollars for WTI oil and 68.35 U.S. dollars for the OPEC basket. OPEC prices fell that week as concerns over supply constraints related to the Israel-Iran conflict eased.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (whereby a contract is agreed upon, while the product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

The price of refined petroleum per barrel is influenced by various factors, including the price of crude oil, supply and demand dynamics, global geopolitical events, and macroeconomic indicators. Understanding these factors is essential for policymakers, energy companies, and consumers to foresee and adapt to changes in petroleum prices.

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.

Brent fell to 67 USD/Bbl on July 2, 2025, down 0.16% from the previous day. Over the past month, Brent's price has risen 2.09%, but it is still 22.66% lower than a year ago, 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.

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.

The crude oil price per barrel refers to the value of a barrel of crude oil in the global market, influenced by supply and demand dynamics, geopolitical events, economic conditions, and market speculation. Fluctuations in oil prices impact sectors of the economy, transportation costs, manufacturing costs, consumer prices, and oil-producing countries' economies. Oil price benchmarks like Brent Crude and West Texas Intermediate provide indicators of global crude oil price trends, making it an important e

The price of US barrel oil, also known as West Texas Intermediate (WTI) crude oil, has historically fluctuated due to geopolitical events, supply and demand dynamics, OPEC decisions, and global economic conditions. This article explores the historical trends of US oil prices, from its record high of $147 per barrel in 2008 to its low of $26 per barrel in 2016, and its current standing at around $70 per barrel. Learn about the factors that influence oil prices and their impact on the global economy and geopo

Explore the factors that influence the price of petroleum in the international market, including supply and demand dynamics, geopolitical tensions, economic conditions, and market speculation. Understand the role of Brent crude oil as a benchmark and the impact of global events on oil prices. Stay informed about the current price fluctuations and the need to monitor multiple factors for accurate assessments.

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

WTI oil prices in , May, 2025 For that commodity indicator, we provide data from January 1982 to May 2025. The average value during that period was 46.19 USD per barrel with a minimum of 11.31 USD per barrel in December 1998 and a maximum of 133.93 USD per barrel in June 2008. | TheGlobalEconomy.com

Graph and download economic data for Crude Oil Prices: Brent - Europe (WCOILBRENTEU) from 1987-05-15 to 2025-06-20 about crude, oil, Europe, commodities, and price.

Romania RO: Crude Oil Production: Average Price per Barrel data was reported at 70.754 USD/Barrel in Feb 2025. This records a decrease from the previous number of 74.377 USD/Barrel for Jan 2025. Romania RO: Crude Oil Production: Average Price per Barrel data is updated monthly, averaging 71.818 USD/Barrel from Jan 2020 (Median) to Feb 2025, with 62 observations. The data reached an all-time high of 115.271 USD/Barrel in Jun 2022 and a record low of 16.904 USD/Barrel in Apr 2020. Romania RO: Crude Oil Production: Average Price per Barrel data remains active status in CEIC and is reported by Eurostat. The data is categorized under Global Database’s Romania – Table RO.Eurostat: Crude Oil Supply: by Energy Balance and Indicator.

Russia Average World Price: Crude Oil: Urals: per 1 Barrel data was reported at 91.200 USD/Barrel in Mar 2019. This records an increase from the previous number of 80.700 USD/Barrel for Feb 2019. Russia Average World Price: Crude Oil: Urals: per 1 Barrel data is updated monthly, averaging 58.745 USD/Barrel from Jun 2000 (Median) to Mar 2019, with 226 observations. The data reached an all-time high of 129.710 USD/Barrel in Jul 2008 and a record low of 18.200 USD/Barrel in Nov 2001. Russia Average World Price: Crude Oil: Urals: per 1 Barrel data remains active status in CEIC and is reported by Ministry of Finance of the Russian Federation. The data is categorized under Global Database’s Russian Federation – Table RU.PC002: Average World Prices, Crude Oil Export Price, Crude Oil Export Duty.

Urals Oil fell to 61.57 USD/Bbl on July 1, 2025, down 2.98% from the previous day. Over the past month, Urals Oil's price has risen 6.16%, but it is still 24.30% 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.

NB Forecast: Crude Oil Price: Brent Blend: per Barrel data was reported at 69.000 USD in 2021. This records a decrease from the previous number of 72.000 USD for 2020. NB Forecast: Crude Oil Price: Brent Blend: per Barrel data is updated yearly, averaging 73.000 USD from Dec 2012 (Median) to 2021, with 10 observations. The data reached an all-time high of 112.000 USD in 2012 and a record low of 44.000 USD in 2016. NB Forecast: Crude Oil Price: Brent Blend: per Barrel data remains active status in CEIC and is reported by Norges Bank. The data is categorized under Global Database’s Norway – Table NO.P006: Crude Oil Price: Forecast: Norges Bank.

The cost of refining crude oil per barrel can vary depending on various factors such as the type of crude oil, the complexity of the refinery, location, and market conditions. This article explores the main factors that affect the cost of refining and provides insights into the average range of $3 to $5 per barrel. However, it emphasizes that actual costs can differ significantly due to specific circumstances.

Learn about the factors that influence the cost of crude oil production per barrel, including geographic location, technology, extraction method, reservoir characteristics, economy of scale, and market conditions. Discover why the global average cost is estimated to be $20 to $50 per barrel and the importance of understanding these factors for oil producers, investors, and policymakers.

According to a 2025 survey, oil producers operating in the Permian region needed WTI oil prices to amount to a minimum of ** U.S. dollars per barrel in order to profitably drill a new well. This compared to a minimum breakeven price of ** U.S. dollars per barrel for existing wells. The monthly average WTI oil price ranged between ** and ** U.S. dollars per barrel around the time of the survey. Most productive oil basins Operators in shale basins have the lowest average breakeven prices for new wells. However, when it comes to existing wells, operators in the Permian (Delaware) basin can afford even lower oil prices. The Permian basin, located in Texas and New Mexico, accounts for the greatest U.S. oil production output of any region. In 2024, production in the Permian reached nearly *********** barrels per day - more than **** times the amount extracted from the neighboring Eagle Ford rock formation. Texas is leading oil producing state With both regions located in Texas, it is not surprising that this is also the leading crude oil producing U.S. state. Nearly two billion barrels worth of crude oil were extracted in Texas per year, far more than any other state. Texas is home to a total of five major oil and gas formations.