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.

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.

The Brent Crude Oil market opens at 12:00 a.m. GMT on Sunday and remains open for 24 hours a day until 10:30 p.m. GMT on Friday. Traders, investors, and speculators from around the world can actively participate in the market, buying and selling futures contracts. The market open time sets the tone for trading activity for the rest of the week and allows participants to react to global geopolitical changes or oil market fundamentals.

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.

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.

The daily Brent crude oil prices serve as a benchmark for oil pricing, reflecting market dynamics driven by supply and demand, geopolitical events, economic indicators, production levels, and speculative trading.

Graph and download economic data for Crude Oil Prices: Brent - Europe (DCOILBRENTEU) from 1987-05-20 to 2025-03-03 about crude, oil, Europe, commodities, and price.

Graph and download economic data for CBOE Crude Oil ETF Volatility Index (OVXCLS) from 2007-05-10 to 2025-03-25 about ETF, VIX, volatility, crude, oil, stock market, and USA.

Palm Oil decreased 155 MYR/MT or 3.49% 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.

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.

Globally, around two billion metric tons of crude oil was transported by sea in 2024. This was still lower than the volumes reported pre-pandemic, while global oil production increased slightly over this period. Oil in the global economy and main importers Oil is the fuel that keeps the global economy running as the hydrocarbon is heavily utilized for fuel and chemical production. Worldwide production of crude oil rose from about 73 million barrels in 1998 to about 96 million barrels in 2024. While accounting for less than 10 percent of global oil production, the Asia-Pacific region is the largest consumer of oil; over a third of worldwide oil consumption is concentrated here. Oil tankers in the global merchant fleet Where pipeline infrastructure between trading partners is limited, large oil volumes have to be transported by land or sea. The key passages for seaborne oil trade include the routes from Panama to China, from the Strait of Hormuz to Japan and from West Africa to India. Among the main tanker builders are companies such as the General Dynamics-owned NASSCO. Crude oil tankers were the third most important vessel type in the global merchant fleet.

The price of Urals crude oil was recorded at 16.77 U.S. dollars per barrel below the benchmark Brent on September 20, 2023 (based on a rolling average of the past five days). The difference increased after a price cap on Russian oil was announced on December 2, 2022, and took effect on December 5, 2022, but it has been decreasing since end-March 2023. At the end of February 2022 and throughout March 2022, the discount rose significantly, reflecting the market reaction to the Russia-Ukraine war. In August 2023, the average price of Urals oil reached 74.5 U.S. dollars per barrel.

Russian oil price cap In December 2022, members of the G7, together with the European Union (EU) and Australia, limited the price of one barrel of Russian oil to 60 U.S. dollars in response to the war in Ukraine. The cap was planned to be reviewed every two months to reflect future market developments. The Russian government stated it would not supply oil to the countries imposing a price ceiling on its oil. While the effect of the ban on global oil prices is yet to be seen, it is expected that the ban would benefit other oil producing countries, as the EU would have to replace Russian supplies with other routes. Germany and Poland were the leading importers of Russian oil in the EU in 2021.

EU ban on Russian oil imports
The EU ban on Russian seaborne crude oil imports, announced in June 2022, took effect on December 5, 2022. Furthermore, refined petroleum products will be included from February 5, 2023. Even though the EU prohibited imports of Russian oil and refined products, it still allowed their transport to non-EU countries as long as they are purchased for 60 U.S. dollars per barrel or lower. As a result of the ban, Russia's oil production was forecast to decline to 438 million metric tons in 2022, down 10 percent from the previous year.

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.

Natural gas increased 0.21 USD/MMBtu or 5.84% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Natural gas - values, historical data, forecasts and news - updated on March of 2025.

The annual price of West Texas Intermediate (WTI) crude oil is expected to reach an average of 70.62 U.S. dollars per barrel in 2025, according to a February 2025 forecast. This would be a decrease of roughly six U.S. dollar compared to the previous year. In the first few weeks of 2025, weekly crude oil prices largely stayed below 75 U.S. dollars per barrel. 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.

Naphtha decreased 1.76 USD/T or 0.29% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Naphtha - 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.

Graph and download economic data for Global price of Palm Oil (PPOILUSDM) from Jan 1990 to Feb 2025 about oil, World, food, and price.

The global demand for crude oil (including biofuels) in 2023 amounted to 102.21 million barrels per day. The source expects economic activity and related oil demand to pick up by the end of the year, with forecast suggesting it could increase to more than 104 million barrels per day.

Motor fuels make up majority of oil demand

Oil is an important and versatile substance, used in different ways and in different forms for many applications. The road sector is the largest oil consuming sector worldwide. It accounts for nearly one half of the global demand for oil, largely due to reliance on motor spirits made from petroleum. The OPEC projects global oil product demand to reach 110 million barrels per day by 2045, with transportation fuels such as gasoline and diesel expected to remain the most consumed products. Diesel and gasoil demand is forecast to amount to 30.1 million barrels per day in 2045, up from 27.6 million barrels in 2021. Gasoline demand is forecast at 27.6 million barrels by 2045.

Beyond oil - efforts made by an industry looking to cut carbon intensity

Despite oil producing bodies such as the OPEC seeing continued importance for crude oil in the future, efforts have been made within the energy industry in finding an alternative to the fossil fuel. One such alternative generating great enthusiasm is hydrogen. The most abundant chemical element in the universe has become of particular interest due to its potential as an energy carrier. Similar to oil, it may serve as a feedstock or main ingredient for transportation fuels, energy generation and storage, and also chemicals production. While today it is mainly won from natural gas conversion (so-called grey hydrogen), most investments are aimed at making hydrogen production through electrolysis using renewable electricity (green hydrogen) more cost efficient. Oil refineries and ammonia production facilities are main consumers of hydrogen, with the transportation sector accounting for a much lesser share.

In 2023, Dubai Fateh had an average price of 82.09 U.S. dollars per barrel, down from the 96.38 U.S. dollars per barrel compared to the previous year. Dubai Crude (Fateh) oil price Dubai Crude (Fateh) is the most important crude oil benchmark for Asia. Dubai Crude originated in Dubai in the Persian Gulf. Another name for this crude oil is Fateh. The name Fateh comes from an offshore oil field, located some 60 miles from Dubai, and is, therefore, part of the United Arab Emirates. One of the advantages of Dubai Crude compared to other Persian Gulf crude oils, and a main reason why it is used as an oil marker, is its instant availability. Dubai Crude, behind West Texas Intermediate (WTI) and UK Brent, is one of the lighter crude oils. On the other hand, Dubai Crude contains some two percent of sulphur, and thus is part of the so-called sour crude oils. In comparison, UK Brent contains 0.37 percent of sulphur, which means it is a so-called sweet crude oil. The refining of sour and heavier oils is always more expensive than it is for sweeter and lighter oils. Dubai Crude, the same as OPEC oils, is mostly refined and traded in the Asian region. The other two crucial oil benchmarks are West Texas Intermediate (WTI), which is especially important for North America, and UK Brent (Brent Crude), which dominates the European oil market. Such benchmarks are essential for referencing the many types and grades of oil on the worldwide market.With the exception of the years 2009 and 2010, there was a stable increase in the price for one barrel of Dubai-Fateh crude oil in the last ten years, until 2015, when the price dropped by half. The mean price per barrel stood at approximately 24 U.S. dollars in 2002. By 2012, this price had increased to more than 109 U.S. dollars, but dropped to 51.20 U.S. dollars per barrel 2015.