Crude Oil rose to 64.67 USD/Bbl on June 9, 2025, up 0.13% from the previous day. Over the past month, Crude Oil's price has risen 4.39%, but it is still 16.82% 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 June of 2025.

Brent crude oil is projected to have an average annual spot price of 65.85 U.S. dollars per barrel in 2025, according to a forecast from May 2025. This would mean a decrease of nearly 15 U.S. dollars compared to the previous year, and also reflects a reduced forecast WTI crude oil price. Lower economic activity, an increase in OPEC+ production output, and uncertainty over trade tariffs all impacted price forecasting. All about Brent Also known as Brent Blend, London Brent, and Brent petroleum, Brent Crude is a crude oil benchmark named after the exploration site in the North Sea's Brent oilfield. It is a sweet light crude oil but slightly heavier than West Texas Intermediate. In this context, sweet refers to a low sulfur content and light refers to a relatively low density when compared to other crude oil benchmarks. Price development in the 2020s Oil prices are volatile, impacted by consumer demand and discoveries of new oilfields, new extraction methods such as fracking, and production caps routinely placed by OPEC on its member states. The price for Brent crude oil stood at an average of just 42 U.S. dollars in 2020, when the coronavirus pandemic resulted in a sudden demand drop. Two years later, sanctions on Russian energy imports, had pushed up prices to a new decade-high, above 100 U.S. dollars per barrel.

Get the latest insights on price movement and trend analysis of Crude Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Brent rose to 67.12 USD/Bbl on June 9, 2025, up 0.98% from the previous day. Over the past month, Brent's price has risen 3.33%, but it is still 17.77% 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 June of 2025.

Explore the complex factors impacting crude oil prices, including geopolitical events, supply-demand dynamics, technological advancements, and economic trends. Understand how major producers like OPEC+, global economic health, and the shift towards renewable energy influence the future of oil markets.

Baumeister and Kilian (Journal of Business and Economic Statistics, 2015, 33(3), 338-351) combine forecasts from six empirical models to predict real oil prices. In this paper, we broadly reproduce their main economic findings, employing their preferred measures of the real oil price and other real-time variables. Mindful of the importance of Brent crude oil as a global price benchmark, we extend consideration to the North Sea-based measure and update the evaluation sample to 2017:12. We model the oil price futures curve using a factor-based Nelson-Siegel specification estimated in real time to fill in missing values for oil price futures in the raw data. We find that the combined forecasts for Brent are as effective as for other oil price measures. The extended sample using the oil price measures adopted by Baumeister and Kilian yields similar results to those reported in their paper. Also, the futures-based model improves forecast accuracy at longer horizons.

DoF Forecast: Brent Crude Oil Price data was reported at 68.300 USD/Barrel in 2023. This stayed constant from the previous number of 68.300 USD/Barrel for 2022. DoF Forecast: Brent Crude Oil Price data is updated yearly, averaging 72.400 USD/Barrel from Dec 2010 (Median) to 2023, with 14 observations. The data reached an all-time high of 111.900 USD/Barrel in 2012 and a record low of 44.000 USD/Barrel in 2016. DoF Forecast: Brent Crude Oil Price data remains active status in CEIC and is reported by Department of Finance. The data is categorized under Global Database’s Ireland – Table IE.P005: Brent Crude Oil Price: Forecast.

The first quarter of 2025 for Crude Oil prices in the North American region experienced a decline followed by an uptrend. In January 2025 oil prices maintained an upward trajectory.

Understand the complexities of crude oil price prediction, influenced by global economics, geopolitical tensions, and supply-demand dynamics. Explore how machine learning and AI models are transforming analysis in this volatile market.

Explore the intricate dynamics influencing crude oil prices, including supply-demand factors, geopolitical tensions, economic indicators, and market sentiment, to understand next week's forecast and prepare for potential volatility.

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The crude oil market has the potential to grow by 4781.60 million barrels during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 2.73%.

This crude oil market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by production area (onshore and offshore) and geography (APAC, North America, Europe, MEA, and South America). The report also offers information on several market vendors, including BP Plc, Chevron Corp., and ConocoPhillips Co., among others.

What will the Crude Oil Market Size be in 2021?

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Crude Oil Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing upstream investment is notably driving the crude oil market growth, although factors such as fluctuations in global crude oil prices may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the crude oil industry get your FREE report sample now.

      The rising energy demand across the world has prompted governments to explore untapped oil and gas resources in the upstream sector, using advanced technologies.
      The production of oil and natural gas is declining from many conventional oilfields. To overcome this issue, oil and gas operators are increasing investments in mature oil and gas fields.
      The adoption of unconventional exploration and production technologies in large shale deposits has widened opportunities for upstream oil and gas companies.
      The growing investments in the upstream oil and gas sector will significantly influence crude oil market growth over the forecast period.




      Technological development in the hydraulic fracturing process is aiding in the exploration and production of oil and gas from shale plays.
      The advances in the drilling technology and proppant placement in downhole wells increased hydrocarbon recovery from unconventional wells.
      Technological advances such as integration of the internet of things (IoT) for data acquisition, as well as the use of data analytics and machine learning, supports the efficiency of tools that is one of the key crude oil market trends.
      Real-time pressure data is crucial in crude oil production as it eliminates the over-fracturing issue.
      Automation of hydraulic fracturing optimizes the hydraulic fracturing method using algorithmic controls and supports enhanced well performance.

This crude oil market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Crude Oil Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

BP Plc
Chevron Corp.
ConocoPhillips Co.
Exxon Mobil Corp.
PetroChina Co. Ltd.
Petroleo Brasileiro SA
Qatar Petroleum
Rosneft Oil Co.
Royal Dutch Shell Plc
Saudi Arabian Oil Co.

The crude oil market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the crude oil market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Crude Oil Market?

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44% of the market’s growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for crude oil in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.

To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Production Area Segments in the Crude Oil Market?

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The crude oil market share growth by the onshore segment will be significant during the forecast period. In onshore exploration and pr

United States EIA Forecast: Crude Oil Price: Brent Spot Average data was reported at 71.000 USD/Barrel in Dec 2019. This stayed constant from the previous number of 71.000 USD/Barrel for Nov 2019. United States EIA Forecast: Crude Oil Price: Brent Spot Average data is updated monthly, averaging 62.750 USD/Barrel from Mar 2016 (Median) to Dec 2019, with 46 observations. The data reached an all-time high of 83.000 USD/Barrel in Oct 2018 and a record low of 34.000 USD/Barrel in Mar 2016. United States EIA Forecast: Crude Oil Price: Brent Spot Average data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s United States – Table US.P003: Energy Price: Forecast: Energy Information Administration.

Access monthly energy price assessments for Germany, featuring Crude Oil and other key energy commodities. Coverage includes 10-year price history, current values, short-term forecasts, and market trends. Updated on the 3rd business day of each month, the data offers insights on prices, supply, demand, production, and trade. Available via PDF reports, Excel Add-In, Power BI, and API. Coverage for Germany and over 30 other countries is included in Intratec Energy Prices & Markets. Free preview available.

On June 2, 2025, the Brent crude oil price stood at 64.5 U.S. dollars per barrel, compared to 62.52 U.S. dollars for WTI oil and 65.13 U.S. dollars for the OPEC basket. Crude oil prices were some of the lowest they had been since February 2021.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.

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

Explore the 2023 crude oil price forecast influenced by global economic recovery, geopolitical tensions, and the energy transition. Learn how supply disruptions, demand patterns, and OPEC+ decisions impact oil markets, amid ongoing shifts towards renewable energy and stricter carbon regulations.

SECO Forecast: Crude Oil Price: Brent data was reported at 66.500 USD/Barrel in 2020. This records an increase from the previous number of 64.600 USD/Barrel for 2019. SECO Forecast: Crude Oil Price: Brent data is updated yearly, averaging 66.500 USD/Barrel from Dec 2012 (Median) to 2020, with 9 observations. The data reached an all-time high of 112.000 USD/Barrel in 2012 and a record low of 43.300 USD/Barrel in 2016. SECO Forecast: Crude Oil Price: Brent data remains active status in CEIC and is reported by State Secretariat for Economic Affairs. The data is categorized under Global Database’s Switzerland – Table CH.P003: Crude Oil Price: Forecast.

Access monthly energy price assessments for Germany, featuring Crude Oil and other key energy commodities. Coverage includes 10-year price history, current values, short-term forecasts, and market trends. Updated on the 3rd business day of each month, the data offers insights on prices, supply, demand, production, and trade. Available via PDF reports, Excel Add-In, Power BI, and API. Coverage for Indonesia and over 30 other countries is included in Intratec Energy Prices & Markets. Free preview available.

Crude Oil Market Outlook

As of 2023, the global crude oil market size was valued at approximately USD 1.3 trillion, and it is expected to reach USD 1.7 trillion by 2032, growing at a compound annual growth rate (CAGR) of 3.0% during the forecast period. The growth of this market is fueled by increasing demand in various industrial applications, coupled with advancements in extraction technologies that have made previously unrecoverable reserves accessible. Furthermore, the ongoing industrialization in emerging economies and the rising global energy demand are significant factors contributing to the market expansion. These factors are expected to consistently drive the crude oil market over the coming decade, despite growing environmental concerns and the push for renewable energy sources.

The primary growth factor for the crude oil market is the expanding global transportation sector, which remains heavily reliant on fossil fuels. As both personal and commercial transportation increases, so does the demand for crude oil, as it is the primary raw material for the production of fuels like gasoline, diesel, and aviation fuel. This is particularly evident in regions with burgeoning automotive markets and aviation sectors, where there is a continuous need to meet the energy requirements. Moreover, the development of infrastructure in developing countries is further bolstering the consumption of crude oil, especially in sectors such as road and air transport, which are pivotal to economic progress.

Another significant factor contributing to the growth of the crude oil market is its broad application base across various industrial sectors. Crude oil is not only a vital energy source but also a critical input for numerous petrochemical products, which are integral to industries such as plastics, pharmaceuticals, and chemicals. The industrial demand for crude oil is expected to remain robust as these sectors continue to expand, driven by technological innovations and a growing global population. Additionally, the power generation sector still relies on crude oil, albeit to a lesser extent, maintaining a steady demand alongside the increasing share of renewable energy sources.

Technological advancements in extraction techniques like hydraulic fracturing and horizontal drilling have unlocked new reserves, contributing significantly to supply-side growth. These technologies have made it economically viable to extract oil from unconventional sources such as shale formations and deep-sea reserves. This has not only increased the global supply of crude oil but also enhanced the competitiveness of oil-producing countries, particularly the United States, which has emerged as a major player in the global market. As technology continues to evolve, it is expected to further streamline production processes, reduce costs, and open up new areas for exploration.

Regionally, the Asia Pacific region is projected to witness the highest growth in the crude oil market, driven by rapid industrialization and urbanization in countries like China and India. The region's demand for energy is skyrocketing, fueled by economic development and an increasing population. North America remains significant due to advancements in extraction technologies and substantial shale reserves. Meanwhile, the Middle East and Africa continue to hold strategic importance due to their vast conventional oil reserves. Europe and Latin America, while also important markets, are expected to grow at a more moderate pace as they balance energy needs with sustainability initiatives.

Type Analysis

The crude oil market is segmented by type into light, medium, and heavy crude oil. Light crude oil is highly sought after due to its high yield of valuable products such as gasoline and diesel upon refining. It is generally preferred by refineries because of its lower sulfur content and ease of processing, resulting in lower overall production costs. The demand for light crude oil is expected to remain strong as refineries continue to upgrade and optimize their processes to produce cleaner fuels. Moreover, the development of new refining technologies may further enhance the processing efficiency of light crude, sustaining its demand in the market.

Medium crude oil, characterized by its balanced sulfur content and density, serves as a versatile feedstock for refineries across the globe. Although not as easily processed as light crude, medium crude oil provides a good yield of both light and heavy petroleum products. Its market demand is also driven by the flexibility it offers refineries in terms of product output. In regions wit

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.