Crude Oil fell to 66.46 USD/Bbl on July 4, 2025, down 0.56% from the previous day. Over the past month, Crude Oil's price has risen 4.87%, but it is still 20.09% 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.

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.

Brent fell to 68.29 USD/Bbl on July 4, 2025, down 0.52% from the previous day. Over the past month, Brent's price has risen 4.51%, but it is still 21.09% 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.

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.

The 2025 annual OPEC oil price stood at ***** U.S. dollars per barrel, as of May. 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.

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

The price of 55 gallons of crude oil can vary widely depending on global demand, supply levels, geopolitical events, and economic conditions. Learn more about how the price of oil is determined, its historical volatility, and its impact on various sectors of the economy.

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.

Ecuador Crude Oil Exports: EP Petroecuador: FOB: Value data was reported at 494,434.773 USD th in Jun 2019. This records a decrease from the previous number of 616,566.656 USD th for May 2019. Ecuador Crude Oil Exports: EP Petroecuador: FOB: Value data is updated monthly, averaging 468,572.717 USD th from Jan 2004 (Median) to Jun 2019, with 186 observations. The data reached an all-time high of 1,336,204.801 USD th in May 2014 and a record low of 55,670.851 USD th in Mar 2004. Ecuador Crude Oil Exports: EP Petroecuador: FOB: Value 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.RB004: Crude Oil Statistics.

Crude Oil Production in Sudan increased to 40 BBL/D/1K in February from 30 BBL/D/1K in January of 2025. This dataset provides the latest reported value for - Sudan Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Ecuador Crude Oil Exports: FOB: Value data was reported at 738,710.818 USD th in Sep 2018. This records an increase from the previous number of 724,081.084 USD th for Aug 2018. Ecuador Crude Oil Exports: FOB: Value data is updated monthly, averaging 692,357.686 USD th from Jan 2006 (Median) to Sep 2018, with 153 observations. The data reached an all-time high of 1,494,127.381 USD th in May 2014 and a record low of 231,147.929 USD th in Feb 2016. Ecuador Crude Oil Exports: FOB: Value 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.RB003: Crude Oil Statistics.

In May 2025, the average price of one barrel of Brent crude oil was 64.45 U.S. dollars. This was nearly four U.S. dollars below prices the previous month and the lowest value in the past 24-month period, as demand for oil was expected to stagnate in the coming months. 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.

Morocco GDP: Value Added: Crude Oil and Fuel data was reported at 73.278 MAD mn in 2005. This records an increase from the previous number of 69.000 MAD mn for 2004. Morocco GDP: Value Added: Crude Oil and Fuel data is updated yearly, averaging 282.900 MAD mn from Dec 1980 (Median) to 2005, with 26 observations. The data reached an all-time high of 422.600 MAD mn in 1994 and a record low of 54.824 MAD mn in 2003. Morocco GDP: Value Added: Crude Oil and Fuel data remains active status in CEIC and is reported by High Commission for Planning. The data is categorized under Global Database’s Morocco – Table MA.A038: SNA 1968: GDP: by Industry: Current Price: Annual.

Japan Imports Value Index: Crude Oil data was reported at 377.420 2000=100 in Sep 2008. This records a decrease from the previous number of 466.040 2000=100 for Aug 2008. Japan Imports Value Index: Crude Oil data is updated monthly, averaging 112.010 2000=100 from Jan 1998 (Median) to Sep 2008, with 129 observations. The data reached an all-time high of 466.040 2000=100 in Aug 2008 and a record low of 42.230 2000=100 in Jan 1999. Japan Imports Value Index: Crude Oil data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under Global Database’s Japan – Table JP.JA050: Imports Value Index.

Kazakhstan Exports: Value: Crude Oil and Gas Condensate data was reported at 3.016 USD bn in Feb 2025. This records an increase from the previous number of 2.732 USD bn for Jan 2025. Kazakhstan Exports: Value: Crude Oil and Gas Condensate data is updated monthly, averaging 2.894 USD bn from Jan 2004 (Median) to Feb 2025, with 254 observations. The data reached an all-time high of 7.398 USD bn in Jun 2011 and a record low of 591.900 USD mn in Feb 2004. Kazakhstan Exports: Value: Crude Oil and Gas Condensate data remains active status in CEIC and is reported by Bureau of National Statistics of the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan. The data is categorized under Global Database’s Kazakhstan – Table KZ.JA005: Exports: by Commodity: Specific Goods.

Crude Oil Production in the United States increased to 13468 BBL/D/1K in April from 13450 BBL/D/1K in March of 2025. This dataset provides the latest reported value for - United States Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Indonesia Export: Value: Crude Oil: Australia data was reported at 29.260 USD mn in May 2019. This records a decrease from the previous number of 35.454 USD mn for Apr 2019. Indonesia Export: Value: Crude Oil: Australia data is updated monthly, averaging 64.638 USD mn from Jan 2012 (Median) to May 2019, with 88 observations. The data reached an all-time high of 220.237 USD mn in May 2012 and a record low of 9.855 USD mn in Apr 2018. Indonesia Export: Value: Crude Oil: Australia data remains active status in CEIC and is reported by Central Bureau of Statistics. The data is categorized under Indonesia Premium Database’s Foreign Trade – Table ID.JAE001: Export: Commodities by Country: Crude Oil.

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

High Frequency Indicator: The dataset contains year- and month-wise compiled data from the year 2011-2 to till date on the volume and value (both in indian rupees and US dollars) of crude oil and petroleum products imports and exports made including the value of net imports (trade balance) made. The types of petroleum products imported and exported include High Speed Diesel (HSD)/Diesel, Lubricating Oil Bluestacks (LOBs)/Lube Oil, Liquified Petroleum Gas (LPG), Motor Spirit (MS)/Petrol, Petcoke/Carbon Black Feed Stock (CBFS), Superior Kerosene Oil (SKO)/Kerosene, etc.

Notes: 1) RIL SEZ imports/exports are included in country's import/export data 2) LNG import are not included in Imports 3) The category others in import includes Paraffin wax, Petroleum Jelly, Aviation Gas, MTBE, Reformate etc. 4) Nepal sales by IOCL, Nepal and Bhutan sales by BPCL are considered in total exports with average Rupee-US$ exchange rate 5) RIL SEZ's Motor Spirit export includes export of Alkylates 6) ATF exports by RIL does not include ATF sales to foreign going airlines 7) The category others in export include Benzene, Hexane, MTO, Sulphur, etc.

Crude Oil Production in Iraq decreased to 3605 BBL/D/1K in May from 3664 BBL/D/1K in April of 2025. This dataset provides the latest reported value for - Iraq Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.