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.

Brent crude oil is projected to have an average annual spot price of 74.5 U.S. dollars per barrel in 2025, according to a forecast from February 2025. This would mean a decrease of six U.S. dollars compared to the previous year, and also reflects a reduced forecast WTI crude oil price. 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.

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.

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.

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.

In 2024, the export price for one barrel of the Urals crude oil was expected to reach 70 U.S. dollars. In the following year, the Russian government expected it to decrease slightly, and in 2027, it was projected to reach 65.5 U.S. dollars per barrel. Urals is Russia's major export oil brand. Crude oil prices in Russia Different types of oil, such as light-weight, low-sulfur (light-sweet) grades and heavier, higher-sulfur (heavy-sour) crudes, can create differences in oil prices. Prices of a barrel of crude oil tend to fluctuate throughout the year due to factors like sulfur content, specific gravity, and location. In recent years, the price of Russian Urals crude oil reached a high of almost 95 U.S. dollars per barrel in February 2022 and a low of 16.6 U.S. dollars per barrel in April 2020. The Urals oil is used as a basis for Russian export oil mixture – a mix of heavy, high-oil from the Urals and Volga region and a light Siberian oil. The oil and gas industry account for a large majority of the country’s export income. Many global sources of crude oil are located in areas that are prone to political upheavals or have production disrupted by political events. Prices of major crude oil blends In comparison, the West Texas Intermediate crude oil price was estimated at 79.5 U.S. dollars per barrel in 2024. Furthermore, Dubai Fateh oil prices have fluctuated in the past decade, having reached 82.1 U.S. dollars per barrel in 2023. Prices of petroleum products fluctuate in parallel with crude oil prices but can also depend on seasonality, market factors, or refining outages. Petroleum products like gasoline, diesel, and petrochemical feedstocks are usually the most relevant to consumers.

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.

During the last quarter of 2024, the crude oil prices in the United States reached 61 USD/MT in December. The market saw changes in policy and supply chain interruptions influencing price fluctuations. Due to supply limitations after Libyan production halted and hurricane-related damage in the Gulf of Mexico, oil prices briefly increased in October.

Explore IMARC's latest publication, “Crude Oil Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” presents a detailed examination of the crude oil market, providing insights into both global and regional trends that are shaping prices.

Explore the dynamic factors influencing Brent crude oil prices, including geopolitical tensions, supply-demand shifts, economic trends, and technological advancements. This comprehensive analysis highlights how these elements shape future price forecasts.

In 2023/24 oil prices in the United Kingdom are expected to reach 66.17 British pounds per barrel, before falling to 61.89 pounds per barrel in 2024/25, and 52.96 pounds per barrel by 2027/28.

In the fourth quarter of 2023, the price of sesame oil in the United States reached 6317 USD/MT. Similarly, in China, the sesame oil prices hit 5546 USD/MT in December 2023. Germany also saw sesame oil prices reaching 6628 USD/MT during December 2023.

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.

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.

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 fuel oil prices in the USA reached 1047 USD/MT in December 2023. In December 2023, the priced of fuel oil in China settled at 758 USD/MT. In Germany, the fuel oil price reached 1237 USD/MT by the end of December 2023.

The global crude oil market was estimated at $2,566.8B in 2024, remaining stable against the previous year. Overall, consumption saw a mild contraction. Global consumption peaked at $2,988.9B in 2012; however, from 2013 to 2024, consumption remained at a lower figure.

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.

The price of refined sunflower oil in the United States for Q4 2023 reached 2015 USD/MT in December. Similarly, the price trend for refined sunflower oil in China reached 1187 USD/MT in December 2023. Whereas, Germany’s refine sunflower oil prices reached 1523 USD/MT in the same month.

The price of crude soybean oil in the USA reached 1127 USD/MT by the end of December 2023. In China, the price of crude soybean oil settled at 888 USD/MT in December 2023. In December 2023, the crude soybean oil priced reached 989 USD/MT in Germany.