Crude Oil rose to 61.69 USD/Bbl on October 6, 2025, up 1.34% from the previous day. Over the past month, Crude Oil's price has fallen 0.91%, and is down 20.02% compared to the same time last year, 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 October of 2025.

On September 29, 2025, the Brent crude oil price stood at 66.8 U.S. dollars per barrel, compared to 63.45 U.S. dollars for WTI oil and 70.48 U.S. dollars for the OPEC basket. Oil prices rose slightly that week.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 global 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 (where a contract is agreed upon while 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.

Brent rose to 65.57 USD/Bbl on October 7, 2025, up 0.15% from the previous day. Over the past month, Brent's price has fallen 0.68%, and is down 15.04% 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 October of 2025.

In August 2025, the average price of one barrel of Brent crude oil was 67.87 U.S. dollars. This was a decrease from the previous month and 12 U.S. dollars below July 2024 prices. Brent terminology and most common uses Brent is the world's leading price benchmark for Atlantic basin crude oils. It is used to price two thirds of the internationally traded crude oil supplies and is also the most significant crude oil benchmark for Europe. Brent crude originates in the North Sea and includes oils from Brent and Forties Oil Field in the United Kingdom, and from the Oseborg and Ekofisk oil fields, both oil reserves in Norway. Other names for Brent are Brent Blend, London Brent and Brent petroleum. The name Brent comes from the Brent oil field, located north-east of the Shetland Islands, and thus part of the United Kingdom. Because the Brent oil field already passed its production peak, today the benchmark Brent includes oil from the other three major oil fields. Brent, next to West Texas Intermediate (WTI), is one of the lightest crude oils. With a low content of sulfur, it is ranged among the so-called sweet crude oils. Most of the Brent crude oil is refined into gasoline and middle distillates in Northwest Europe. Benchmark oil prices Other crucial benchmarks for crude oil prices are the already mentioned U.S.- WTI and Dubai Crude (Fateh). They are indispensable for referencing the many types and grades of oil on the global market. In the past 20 years, the annual price for one barrel of Brent crude oil saw a net increase. For example, the average price per barrel stood at 80.53 U.S. dollars in 2024.

The annual price of West Texas Intermediate (WTI) crude oil is expected to reach an average of 63.58 U.S. dollars per barrel in 2025, according to an August 2025 forecast. This would be a decrease of roughly 13 U.S. dollar compared to the previous year. In the first eight months of 2025, weekly crude oil prices largely stayed below 70 U.S. dollars per barrel amid trade tariffs and an expected economic downturn. What are benchmark crudes? WTI is often used as a price reference point called a benchmark (or ”marker”) crude. This category includes Brent crude from the North Sea, Dubai Crude, as well as blends in the OPEC reference basket. WTI, Brent, and the OPEC basket have tended to trade closely, but since 2011, Brent has been selling at a higher annual spot price than WTI, largely due to increased oil production in the United States. What causes price volatility? Oil prices are historically volatile. While mostly shaped by demand and supply like all consumer goods, they may also be affected by production limits, a change in U.S. dollar value, and to an extent by market speculation. In 2022, the annual average price for WTI was close to the peak of nearly 100 U.S. dollars recorded in 2008. In the latter year, multiple factors, such as strikes in Nigeria, an oil sale stop in Venezuela, and the continuous increase in oil demand from China were partly responsible for the price surge. Higher oil prices allowed the pursuit of extraction methods previously deemed too expensive and risky, such as shale gas and tight oil production in the U.S. The widespread practice of fracturing source rocks for oil and gas extraction led to the oil glut in 2016 and made the U.S. the largest oil producer in the world.

Discover how rising crude oil prices are influencing sugar markets, with increased demand and mixed production forecasts shaping the global sugar landscape.

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of August. 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.

Palm Oil rose to 4,459 MYR/T on October 7, 2025, up 0.52% from the previous day. Over the past month, Palm Oil's price has fallen 0.65%, but it is still 4.40% higher than a year ago, 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 October of 2025.

Discover how the drop in crude oil prices below $60 is driving a surge in consumer hedging as companies aim to lock in lower fuel costs amid volatile market conditions.

As of August 2025, the average annual price of Brent crude oil stood at 71.3 U.S. dollars per barrel. This is over nine 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 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 Crude Oil Price: EA: Forward: 1 Month data was reported at 72.079 EUR/Barrel in Mar 2025. This records an increase from the previous number of 69.734 EUR/Barrel for Dec 2024. Brent Crude Oil Price: EA: Forward: 1 Month data is updated quarterly, averaging 34.532 EUR/Barrel from Sep 1985 (Median) to Mar 2025, with 159 observations. The data reached an all-time high of 103.376 EUR/Barrel in Jun 2022 and a record low of 9.999 EUR/Barrel in Dec 1998. Brent Crude Oil Price: EA: Forward: 1 Month data remains active status in CEIC and is reported by European Central Bank. The data is categorized under Global Database’s European Union – Table EU.P005: European Central Bank: Crude Oil Price. [COVID-19-IMPACT]

Graph and download economic data for Crude Oil Prices: Brent - Europe (DCOILBRENTEU) from 1987-05-20 to 2025-09-22 about crude, oil, Europe, commodities, and price.

View monthly updates and historical trends for Average Crude Oil Spot Price. Source: World Bank. Track economic data with YCharts analytics.

Shocks to the real price of oil may reflect oil supply shocks, shocks to the global demand for all industrial commodities, or demand shocks that are specific to the crude oil market. Each shock has different effects on the real price of oil and on US macroeconomic aggregates. Changes in the composition of shocks help explain why regressions of macroeconomic aggregates on oil prices tend to be unstable. Evidence that the recent surge in oil prices was driven primarily by global demand shocks helps explain why this shock so far has failed to cause a major recession in the United States. (JEL E31, E32, Q41, Q43)

Indonesia Crude Oil Price: Widuri data was reported at 60.910 USD/Barrel in Jul 2019. This records an increase from the previous number of 60.810 USD/Barrel for Jun 2019. Indonesia Crude Oil Price: Widuri data is updated monthly, averaging 70.160 USD/Barrel from Jan 2006 (Median) to Jul 2019, with 163 observations. The data reached an all-time high of 131.950 USD/Barrel in Jul 2008 and a record low of 26.580 USD/Barrel in Jan 2016. Indonesia Crude Oil Price: Widuri data remains active status in CEIC and is reported by Directorate General of Oil and Gas. The data is categorized under Global Database’s Indonesia – Table ID.RBH003: Crude Oil Price.

Oil prices have started the new year on a positive note, driven by declining US crude stockpiles and influenced by geopolitical tensions and global demand dynamics.

Oil prices have surged to a five-month high due to escalating geopolitical tensions in the Middle East, impacting global markets and oil supply dynamics.

Heating Oil rose to 2.25 USD/Gal on October 7, 2025, up 0.76% from the previous day. Over the past month, Heating Oil's price has fallen 2.53%, and is down 5.81% 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 October of 2025.

Indonesia Crude Oil Price: Duri data was reported at 60.950 USD/Barrel in Jul 2019. This records an increase from the previous number of 60.850 USD/Barrel for Jun 2019. Indonesia Crude Oil Price: Duri data is updated monthly, averaging 66.650 USD/Barrel from Jan 2006 (Median) to Jul 2019, with 163 observations. The data reached an all-time high of 125.920 USD/Barrel in Mar 2012 and a record low of 24.870 USD/Barrel in Jan 2016. Indonesia Crude Oil Price: Duri data remains active status in CEIC and is reported by Directorate General of Oil and Gas. The data is categorized under Global Database’s Indonesia – Table ID.RBH003: Crude Oil Price.

Crude Oil and Natural Gas Market Outlook

The global crude oil and natural gas market size was valued at approximately USD 2.5 trillion in 2023 and is expected to reach around USD 3.1 trillion by 2032, exhibiting a CAGR of 2.4% during the forecast period. The market's growth is significantly driven by the increasing global energy demand and ongoing industrialization in emerging economies. Other contributing factors include technological advancements in extraction and production methods, as well as geopolitical dynamics affecting supply chains and pricing.

One major growth factor is the rising global energy consumption, which continues to surge due to rapid industrialization and urbanization in countries like China, India, and Brazil. These nations are experiencing extensive growth in their manufacturing and transportation sectors, leading to higher demand for crude oil and natural gas. Additionally, natural gas is becoming increasingly popular as a cleaner alternative to coal for power generation, further boosting market demand. Innovations in extraction technologies, such as hydraulic fracturing and horizontal drilling, have also enabled access to previously untapped reserves, enhancing supply capabilities.

Another critical driver is the investment in infrastructure to support the growing energy needs. Governments and private entities are investing heavily in pipelines, refineries, and storage facilities to improve efficiency and ensure a steady supply of crude oil and natural gas. Moreover, advancements in liquefied natural gas (LNG) technologies are making it easier to transport gas over long distances, opening up new markets and driving international trade. The geopolitical landscape also plays a significant role, with oil-rich nations forming strategic partnerships and alliances to control and stabilize global oil prices.

The increasing focus on energy security is also propelling the market. Countries are keen to reduce their dependency on foreign oil and gas imports by investing in domestic production capabilities and exploring renewable energy sources. However, despite the push for renewables, crude oil and natural gas remain indispensable for many applications, including transportation, industrial processes, and residential heating. This dual focus on energy security and diversification continues to stimulate market growth while also promoting technological innovations aimed at increasing production efficiency and reducing environmental impacts.

Regionally, the market outlook varies significantly. North America, led by the United States, remains a dominant player due to its extensive shale gas reserves and technological advancements in drilling. Europe is focusing on diversifying its energy mix and reducing dependency on Russian gas, while Asia-Pacific is experiencing robust growth driven by industrialization and urbanization. The Middle East & Africa continues to be a crucial supplier, leveraging its vast reserves to meet global demand. These regional dynamics play a pivotal role in shaping the global market landscape, creating both opportunities and challenges for stakeholders.

Product Type Analysis

The crude oil segment remains the largest contributor to the overall market, driven by its extensive use in transportation fuels such as gasoline, diesel, and aviation fuel. Its applications extend beyond energy to the production of petrochemicals, which are essential for manufacturing plastics, synthetic rubber, and numerous other industrial goods. The demand for crude oil is also bolstered by its role in various industrial processes and the ongoing investments in refining capacities around the world. Innovations in refining technologies are further enhancing the efficiency and output of crude oil processing, making it a continually vital commodity.

Natural gas, on the other hand, is experiencing rapid growth as a cleaner and more efficient alternative to traditional fossil fuels. Its applications span from electricity generation to residential heating and cooking. The development of LNG technology has revolutionized natural gas distribution, enabling it to be transported across the globe and reach markets that were previously inaccessible. Additionally, natural gas is increasingly used in the industrial sector for processes requiring high thermal energy and in the production of chemicals like ammonia and methanol. The environmental advantages of natural gas, such as lower carbon emissions compared to coal and oil, are also contributing to its rising popularity.

Furthermore, the exploration and production seg