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.

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.

Gasoline increased 0.22 USD/GAL or 10.89% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Gasoline - values, historical data, forecasts and news - updated on March of 2025.

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.

Explore the factors that influence the price of petroleum in the international market, including supply and demand dynamics, geopolitical tensions, economic conditions, and market speculation. Understand the role of Brent crude oil as a benchmark and the impact of global events on oil prices. Stay informed about the current price fluctuations and the need to monitor multiple factors for accurate assessments.

In 2021, the estimated average price per barrel of Brent crude oil in the aviation industry amounted to 69.6 euros. In that same year, airlines paid 19 percent of the total expenditure on fuel.

Switzerland Brent Crude Oil Price data was reported at 75.710 USD/Barrel in Oct 2018. This records a decrease from the previous number of 82.790 USD/Barrel for Sep 2018. Switzerland Brent Crude Oil Price data is updated monthly, averaging 25.785 USD/Barrel from Jan 1970 (Median) to Oct 2018, with 586 observations. The data reached an all-time high of 139.390 USD/Barrel in Jun 2008 and a record low of 2.230 USD/Barrel in Dec 1970. Switzerland Brent Crude Oil Price data remains active status in CEIC and is reported by Swiss National Bank. The data is categorized under Global Database’s Switzerland – Table CH.P002: Fuel Prices.

Learn about the factors that influence oil and gas prices and how they have evolved over the years, including supply disruptions, geopolitical tensions, economic growth, and the impact on various sectors.

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.

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.

The price of refined petroleum per barrel is influenced by various factors, including the price of crude oil, supply and demand dynamics, global geopolitical events, and macroeconomic indicators. Understanding these factors is essential for policymakers, energy companies, and consumers to foresee and adapt to changes in petroleum prices.

In February 2025, the average price of one barrel of Brent crude oil was 75.44 U.S. dollars. This was some four U.S. dollars below prices the previous month 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 twenty 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.

Sri Lanka Petroleum Price: Average: Crude Oil data was reported at 8,817.000 LKR/Barrel in 2017. This records an increase from the previous number of 6,757.000 LKR/Barrel for 2016. Sri Lanka Petroleum Price: Average: Crude Oil data is updated yearly, averaging 3,803.000 LKR/Barrel from Dec 1991 (Median) to 2017, with 27 observations. The data reached an all-time high of 14,416.000 LKR/Barrel in 2012 and a record low of 803.000 LKR/Barrel in 1992. Sri Lanka Petroleum Price: Average: Crude Oil data remains active status in CEIC and is reported by Central Bank of Sri Lanka. The data is categorized under Global Database’s Sri Lanka – Table LK.P008: Petroleum Price.

Graph and download economic data for US Regular All Formulations Gas Price (GASREGW) from 1990-08-20 to 2025-03-24 about gas, commodities, and USA.

Russia Average World Price: Diesel Fuel (Gasoil) data was reported at 556.400 USD/Ton in Dec 2018. This records a decrease from the previous number of 644.300 USD/Ton for Nov 2018. Russia Average World Price: Diesel Fuel (Gasoil) data is updated monthly, averaging 654.000 USD/Ton from Jan 2009 (Median) to Dec 2018, with 119 observations. The data reached an all-time high of 1,030.100 USD/Ton in Mar 2012 and a record low of 292.500 USD/Ton in Jan 2016. Russia Average World Price: Diesel Fuel (Gasoil) data remains active status in CEIC and is reported by Ministry of Finance of the Russian Federation. The data is categorized under Global Database’s Russian Federation – Table RU.PC002: Average World Prices, Crude Oil Export Price, Crude Oil Export Duty.

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 2025 preliminary average annual price of West Texas Intermediate crude oil reached 73.64 U.S. dollars per barrel, as of February. This would be lower than the 2024 average, which stood at 73.64 U.S. dollars per barrel. WTI and other benchmarks WTI is a grade of crude oil also known as “Texas light sweet.” It is measured to have an API gravity of around 39.6 and specific gravity of about 0.83, which is considered “light” relative to other crude oils. This oil also contains roughly 0.24 percent sulfur, and is therefore named “sweet.” Crude oils are some of the most closely observed commodity prices in the world. WTI is the underlying commodity of the Chicago Mercantile Exchange’s oil futures contracts. The price of other crude oils, such as UK Brent crude oil, the OPEC crude oil basket, and Dubai Fateh oil, can be compared to that of WTI crude oil. Since 1976, the price of WTI crude oil has increased notably, rising from just 12.23 U.S. dollars per barrel in 1976 to a peak of 99.06 dollars per barrel in 2008. Geopolitical conflicts and their impact on oil prices The price of oil is controlled in part by limiting oil production. Prior to 1971, the Texas Railroad Commission controlled the price of oil by setting limits on production of U.S. oil. In 1971, the Texas Railroad Commission ceased limiting production, but OPEC, the Organization of Petroleum Exporting Countries with member states Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela among others, continued to do so. In 1972, due to geopolitical conflict, OPEC set an oil embargo and cut oil production, causing prices to quadruple by 1974. Oil prices rose again in 1979 and 1980 due to the Iranian revolution, and doubled between 1978 and 1981 as the Iran-Iraq War prevented oil production. A number of geopolitical conflicts and periods of increased production and consumption have influenced the price of oil since then.

Understanding the factors and dynamics that influence the US oil barrel price, which impacts fuel prices, energy costs, and overall economic stability. Exploring the role of supply and demand dynamics, geopolitical tensions, economic conditions, and government policies. Importance of monitoring oil prices for energy industry, investors, and consumers in making informed decisions.

United Kingdom BOE Forecast: Brent Crude Oil Price data was reported at 71.000 USD/Barrel in 2021. This records a decrease from the previous number of 74.000 USD/Barrel for 2020. United Kingdom BOE Forecast: Brent Crude Oil Price data is updated yearly, averaging 72.500 USD/Barrel from Dec 2014 (Median) to 2021, with 8 observations. The data reached an all-time high of 81.000 USD/Barrel in 2018 and a record low of 43.000 USD/Barrel in 2015. United Kingdom BOE Forecast: Brent Crude Oil Price data remains active status in CEIC and is reported by Bank of England. The data is categorized under Global Database’s United Kingdom – Table UK.P009: Crude Oil and Gas Prices: Forecast.

Gasoline Prices in Germany increased to 1.90 USD/Liter in February from 1.87 USD/Liter in January of 2025. This dataset provides the latest reported value for - Germany Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.