Crude Oil decreased 2.12 USD/BBL or 2.95% since the beginning of 2025, 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 March of 2025.

As of February 2025, the average annual price of Brent crude oil stood at 77.36 U.S. dollars per barrel. This is some three 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.

Brent decreased 0.64 USD/BBL or 0.85% since the beginning of 2025, 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 March of 2025.

The 2025 annual OPEC oil price stood at 78.1 U.S. dollars per barrel, as of February. This would be lower than the 2024 average, which amounted to 79.86 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 2024 fall in prices was the result of weakened demand outlooks, primarily from China.

The article explores the fluctuations and events that have shaped the global economy within the crude oil price graph over the past 10 years. It examines the impact of geopolitical tensions, production changes, demand fluctuations, and the unprecedented effects of the COVID-19 pandemic. The article highlights the volatility and sensitivity of crude oil to various factors and their influence on the global economy.

On March 24, 2025, the Brent crude oil price stood at 73.05 U.S. dollars per barrel, compared to 69.11 U.S. dollars for WTI oil and 75.11 U.S. dollars for the OPEC basket. These were slight increases compared to the previous weeks, which had seen some of the lowest prices in four years.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.

Understanding the historical trends of crude oil prices over the past 10 years and the factors that influence them, including geopolitical, economic, and environmental factors. Exploring periods of volatility and stability, and the challenges of predicting future oil price movements.

Have timely access to reliable Crude Oil price assessments in United States:

• Crude Oil (WTI), export spot price, fob, Cushing

Each assessment includes Crude Oil price history for the past 10 years, current prices, and short-term forecasts. Price assessments are updated on the 3rd business day of every month and are accessible via online charts, an Excel Add-In, and an API. Free previews for all assessments are available at Intratec website.

Crude Oil price assessments for United States and up to 32 other countries are part of Intratec Energy Price References. Subscribe and access now current prices of key energy commodities worldwide.

The 2025 preliminary average annual price of West Texas Intermediate crude oil reached 73.64 U.S. dollars per barrel, as of February. This would be lower than the 2024 average, which stood at 73.64 U.S. dollars per barrel. WTI and other benchmarks WTI is a grade of crude oil also known as “Texas light sweet.” It is measured to have an API gravity of around 39.6 and specific gravity of about 0.83, which is considered “light” relative to other crude oils. This oil also contains roughly 0.24 percent sulfur, and is therefore named “sweet.” Crude oils are some of the most closely observed commodity prices in the world. WTI is the underlying commodity of the Chicago Mercantile Exchange’s oil futures contracts. The price of other crude oils, such as UK Brent crude oil, the OPEC crude oil basket, and Dubai Fateh oil, can be compared to that of WTI crude oil. Since 1976, the price of WTI crude oil has increased notably, rising from just 12.23 U.S. dollars per barrel in 1976 to a peak of 99.06 dollars per barrel in 2008. Geopolitical conflicts and their impact on oil prices The price of oil is controlled in part by limiting oil production. Prior to 1971, the Texas Railroad Commission controlled the price of oil by setting limits on production of U.S. oil. In 1971, the Texas Railroad Commission ceased limiting production, but OPEC, the Organization of Petroleum Exporting Countries with member states Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela among others, continued to do so. In 1972, due to geopolitical conflict, OPEC set an oil embargo and cut oil production, causing prices to quadruple by 1974. Oil prices rose again in 1979 and 1980 due to the Iranian revolution, and doubled between 1978 and 1981 as the Iran-Iraq War prevented oil production. A number of geopolitical conflicts and periods of increased production and consumption have influenced the price of oil since then.

Have timely access to reliable Crude Oil price assessments in Indonesia:

• Crude Oil (sour), import spot price, cif, Indonesia

Each assessment includes Crude Oil price history for the past 10 years, current prices, and short-term forecasts. Price assessments are updated on the 3rd business day of every month and are accessible via online charts, an Excel Add-In, and an API. Free previews for all assessments are available at Intratec website.

Crude Oil price assessments for Indonesia and up to 32 other countries are part of Intratec Energy Price References. Subscribe and access now current prices of key energy commodities worldwide.

A crude oil price chart for the past 10 days demonstrates the fluctuating nature of crude oil prices and highlights the various factors that influence its volatility, including global demand and supply, geopolitical events, and economic indicators. This article provides a detailed analysis of the price movements over the 10-day period, showcasing how tensions in the Middle East, growing demand, concerns over economic growth, unexpected inventory increases, and the impact of the COVID-19 pandemic have all co

Have timely access to reliable Crude Oil price assessments in Canada:

• Crude Oil (sweet), spot price, dap, Alberta

Each assessment includes Crude Oil price history for the past 10 years, current prices, and short-term forecasts. Price assessments are updated on the 3rd business day of every month and are accessible via online charts, an Excel Add-In, and an API. Free previews for all assessments are available at Intratec website.

Crude Oil price assessments for Canada and up to 32 other countries are part of Intratec Energy Price References. Subscribe and access now current prices of key energy commodities worldwide.

Urals Oil decreased 3.02 USD/Bbl or 4.41% since the beginning of 2025, 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.

Have timely access to reliable Crude Oil price assessments in Brazil:

• Crude Oil, export transaction price, fob, Brazil

Each assessment includes Crude Oil price history for the past 10 years, current prices, and short-term forecasts. Price assessments are updated on the 3rd business day of every month and are accessible via online charts, an Excel Add-In, and an API. Free previews for all assessments are available at Intratec website.

Crude Oil price assessments for Brazil and up to 32 other countries are part of Intratec Energy Price References. Subscribe and access now current prices of key energy commodities worldwide.

The average price of Indian basket crude oil was estimated to reach 97.67 U.S. dollars per barrel in the financial year 2023. While Indian basket crude oil prices have fluctuated during the reported period, this figure significantly increased from the previous year’s average of 78.19 U.S. dollars. The average price of crude oil went up marginally around the financial year 2012, touching almost 112 U.S. dollars per barrel.

Recent trends in the Indian oil industry

The last several years have seen a slight but steady increase in Indian crude oil refinery capacity. However, the annual domestic crude oil production volume has consistently decreased. Not surprisingly, the volume of crude oil imports had recently been on the rise for several years.

The future of the Indian energy sector

As the third-largest primary energy consumer globally, India relies on various sources to meet its energy demands. At the same time, a significant increase in primary energy consumption across various sources is projected for the coming decades, with renewables playing a vital role in the Indian energy transition.

Palm Oil decreased 167 MYR/MT or 3.76% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Palm Oil - values, historical data, forecasts and news - updated on March of 2025.

Heating Oil decreased 0.05 USD/GAL or 2.13% since the beginning of 2025, 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 March of 2025.

Have timely access to reliable Crude Oil price assessments in Hungary:

• Crude Oil (heavy sour), import spot price, cif, Hungary

Each assessment includes Crude Oil price history for the past 10 years, current prices, and short-term forecasts. Price assessments are updated on the 3rd business day of every month and are accessible via online charts, an Excel Add-In, and an API. Free previews for all assessments are available at Intratec website.

Crude Oil price assessments for Hungary and up to 32 other countries are part of Intratec Energy Price References. Subscribe and access now current prices of key energy commodities worldwide.

Gasoline increased 0.22 USD/GAL or 10.89% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Gasoline - values, historical data, forecasts and news - updated on March of 2025.

The worldwide crude oil price index stood at 191.78 index points in 2024. This was a slight decrease compared to the previous year, when the price index stood at over 194 index points. The global crude oil index is determined by benchmark prices such as Brent, WTI, and Dubai Fateh.