Crude Oil rose to 68.75 USD/Bbl on July 11, 2025, up 3.27% from the previous day. Over the past month, Crude Oil's price has risen 1.04%, but it is still 16.37% 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.

On July 7, 2025, the Brent crude oil price stood at 69.62 U.S. dollars per barrel, compared to 67.93 U.S. dollars for WTI oil and 69.92 U.S. dollars for the OPEC basket. Prices rose slightly that week, following signs of an increase in demand.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.

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.

Heating Oil fell to 2.37 USD/Gal on July 15, 2025, down 0.96% from the previous day. Over the past month, Heating Oil's price has fallen 3.34%, and is down 4.06% 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 July of 2025.

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

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The crude oil market has the potential to grow by 4781.60 million barrels during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 2.73%.

This crude oil market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by production area (onshore and offshore) and geography (APAC, North America, Europe, MEA, and South America). The report also offers information on several market vendors, including BP Plc, Chevron Corp., and ConocoPhillips Co., among others.

What will the Crude Oil Market Size be in 2021?

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Crude Oil Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing upstream investment is notably driving the crude oil market growth, although factors such as fluctuations in global crude oil prices may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the crude oil industry get your FREE report sample now.

      The rising energy demand across the world has prompted governments to explore untapped oil and gas resources in the upstream sector, using advanced technologies.
      The production of oil and natural gas is declining from many conventional oilfields. To overcome this issue, oil and gas operators are increasing investments in mature oil and gas fields.
      The adoption of unconventional exploration and production technologies in large shale deposits has widened opportunities for upstream oil and gas companies.
      The growing investments in the upstream oil and gas sector will significantly influence crude oil market growth over the forecast period.




      Technological development in the hydraulic fracturing process is aiding in the exploration and production of oil and gas from shale plays.
      The advances in the drilling technology and proppant placement in downhole wells increased hydrocarbon recovery from unconventional wells.
      Technological advances such as integration of the internet of things (IoT) for data acquisition, as well as the use of data analytics and machine learning, supports the efficiency of tools that is one of the key crude oil market trends.
      Real-time pressure data is crucial in crude oil production as it eliminates the over-fracturing issue.
      Automation of hydraulic fracturing optimizes the hydraulic fracturing method using algorithmic controls and supports enhanced well performance.

This crude oil market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Crude Oil Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

BP Plc
Chevron Corp.
ConocoPhillips Co.
Exxon Mobil Corp.
PetroChina Co. Ltd.
Petroleo Brasileiro SA
Qatar Petroleum
Rosneft Oil Co.
Royal Dutch Shell Plc
Saudi Arabian Oil Co.

The crude oil market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the crude oil market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Crude Oil Market?

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44% of the market’s growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for crude oil in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.

To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Production Area Segments in the Crude Oil Market?

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The crude oil market share growth by the onshore segment will be significant during the forecast period. In onshore exploration and pr

Graph and download economic data for Crude Oil Prices: Brent - Europe (DCOILBRENTEU) from 1987-05-20 to 2025-06-16 about crude, oil, Europe, commodities, and price.

The article explores the factors that contributed to the all-time high price of crude oil in 2008, including global demand, geopolitical tensions, weakening US dollar, and speculative behavior. It also discusses the implications of high oil prices for oil-importing and oil-exporting countries.

Crude Oil Production in Iraq increased to 3627 BBL/D/1K in June from 3605 BBL/D/1K in May 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.

Palm Oil rose to 4,175 MYR/T on July 11, 2025, up 0.68% from the previous day. Over the past month, Palm Oil's price has risen 8.72%, and is up 6.67% compared to the same time last year, 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 July of 2025.

Snapshot img { margin: 10px !important; } The fuel oil market size will decrease by USD 84.77 billion during 2020-2024. This report provides a detailed analysis of the market by application (marine, industrial, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including BP Plc, Chevron Corp., Exxon Mobil Corp., JXTG Holdings Inc., PJSC LUKOIL, PT Pertamina(Persero), Qatar Petroleum, Reliance Industries Ltd., Royal Dutch Shell Plc, and SK Innovation Co. Ltd.

Market Overview

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Market Competitive Analysis

The fuel oil market is fragmented with numerous vendors that produce and supply fuel oil to customers. Vendors need to make high capital investments to remain competitive in the market. BP Plc, Chevron Corp., and Exxon Mobil Corp. are some of the major market participants. Although the rise in world energy demand will offer immense growth opportunities, the fluctuations in crude oil prices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this fuel oil market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this fuel oil market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

BP Plc
Chevron Corp.
Exxon Mobil Corp.
JXTG Holdings Inc.
PJSC LUKOIL
PT Pertamina(Persero)
Qatar Petroleum
Reliance Industries Ltd.
Royal Dutch Shell Plc
SK Innovation Co. Ltd.

Fuel Oil Market: Segmentation by Application

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The primary requirement of any marine engine is to propel the ship or generate onsite power by using the energy obtained from burning fuel oil. The mega marine engines of ships burn tons of fuel every day to propel the massively loaded ships. The rise in demand for bunker fuel oil due to the growing seaborne trade and growing naval activities will drive the demand for fuel oil for marine.

However, market growth in this segment will be slower than the growth of the market in the industrial and other segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the fuel oil market size.

Fuel Oil Market: Segmentation by Geography

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North America will offer several growth opportunities to market vendors during the forecast period. The strong consumption of space heating fuel, growing refinery capacity, and proliferating marine trade will significantly influence fuel oil market growth in this region over the forecast period. The US is a key market for fuel oil in North America.

Fuel Oil Market: Key Drivers and Trends

The fluctuation in oil prices has affected the business of several oil and gas companies and refinancing companies. As a result, crude oil processing projects generate less revenue and many oil and gas companies suspend or postpone their exploration and production projects. Fluctuations in crude oil prices also impact investments in E&P and refining projects. Such factors will result in a slowdown in the growth of the global fuel oil market during the forecast period.

The adoption of blockchain in the oil and gas industry helps in overcoming several issues including the complexity of logistics, high fuel prices, and environmental pollution. Blockchain platforms facilitate secure and faster transactions between the entities and maintain transparency. Blockchain also helps in reducing cash cycle time and intermediary costs. These benefits will result in an increase in the adoption of blockchain to enhance the overall operational efficiency of the existing refineries. As a result of such factors, the fuel oil market will register a CAGR of (13)% during the forecast period.

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Fuel Oil Market: Key Highlights of the Report for 2020-2024

CAGR of the market

The Average Home Heating Oil Prices dataset provides New York residents and businesses with objective information on average residential retail heating fuel oil pricing in New York State and by region beginning September 8, 1997. Pricing data is obtained via surveys conducted by NYSERDA staff on a weekly basis during heating season (September to March) and bi-weekly during the rest of the year. All prices are listed in dollars per gallon. The Average Home Heating Oil Prices dataset, Average Residential Retail Kerosene Prices dataset, and Average Residential Retail Propane Prices dataset are collectively referred to as the Heating Fuel Prices dataset. For current and historical residential retail price data, regional comparisons, and fuel type comparisons, please visit the Home Heating Oil Prices Dashboard: https://www.nyserda.ny.gov/Researchers-and-Policymakers/Energy-Prices/Home-Heating-Oil/Average-Home-Heating-Oil-Prices The New York State Energy Research and Development Authority (NYSERDA) offers objective information and analysis, innovative programs, technical expertise, and support to help New Yorkers increase energy efficiency, save money, use renewable energy, accelerate economic growth, and reduce reliance on fossil fuels. To learn more about NYSERDA’s programs, visit nyserda.ny.gov or follow us on X, Facebook, YouTube, or Instagram.

Interactive chart showing the monthly closing price for No. 2 Heating Oil: New York Harbor since 1986. The prices shown are in U.S. dollars.

Crude Oil Price: Indonesia data was reported at 61.320 USD/Barrel in Jul 2019. This records an increase from the previous number of 60.990 USD/Barrel for Jun 2019. Crude Oil Price: Indonesia data is updated monthly, averaging 42.500 USD/Barrel from Dec 1991 (Median) to Jul 2019, with 332 observations. The data reached an all-time high of 134.960 USD/Barrel in Jul 2008 and a record low of 9.990 USD/Barrel in Dec 1998. Crude Oil Price: Indonesia 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.PC001: Retail Price: By Major Commodities.

Oil prices climbed due to potential U.S. tariffs on Canadian and Mexican exports, with Brent and West Texas Intermediate futures experiencing notable gains.

Silicone oil prices in North America showed an upward trend in Q1 2025, driven by strong demand from key sectors such as automotive, aerospace, electronics, and personal care. The price increase was influenced by persistent supply-side challenges, including rising raw material costs, especially due to fluctuations in crude oil prices. Crude oil price volatility had a direct impact on the cost of key raw materials for silicone oil production, such as siloxanes and energy-intensive production processes. Logistical disruptions, including port congestion on the U.S. West Coast and transportation delays, further compounded supply chain issues, raising shipping and storage costs.

The global base oil market was valued at USD 28.92 billion in 2022 and will expand to USD 43.38 billion by 2030, registering a CAGR of 5.2% for the forecast period 2023-2030. Factors Affecting Base Oil Market Growth

Rapid industrialization in developing countries

Rapid industrialization in developing nations like Japan, China, India, Indonesia, Brazil, and others is helping to expand the base oil market growth. China, Indonesia, India, South Africa, and Brazil are all seeing rapid expansion in sectors including industrial machinery, automotive, and energy. Base oil is the essential component of almost all lubricants. Engine oil is mostly base oil with just 7% to 10% additional ingredients moreover only 10%–12% other additives are included in gearbox fluids; the remaining is base oil. The base oil is used to create a variety of industrial lubricants.

The automobile sector is adopting lubricants more often

Base oils are majorly used in the manufacturing of lubricants. The use of lubricants in the automobile industry is enlarged due to lubricants extended equipment life, reduces corrosion, and reduced machine downtime. A base oil is present in all lubricants. It serves as the lubricant's base before it is combined with additives or a thickening in the case of grease. Improving vehicle supply resulted to increase in the demand for base oil. The automobile industry focuses more on vehicle efficiency, resulting in increased demand for lubricants in the automobile industry. Hence, the increasing adoption of lubricants in the automobile sector is fueling the base oil market.

The Restraining Factor of Base Oil:

Volatility in crude oil prices

Fluctuation in the price of crude oil is expected to hinder the base oil market growth. Many kinds of crude oil are used to produce base oils, the most typical is paraffinic crude oil. On the other hand, Naphthenic crude oils produce base oil with superior solubility and excellent qualities at low temperatures. The Organisation of Petroleum Exporting Countries (OPEC), independent Petro-states like Russia, private oil companies like ExxonMobil, and other producers significantly impact crude oil prices. Prices are impacted by supply and demand just as with any other commodity. Crude Oil prices fluctuated due to production expenses as well. While it costs less to extract oil in the Middle East, it costs more to do so in Canada's oil sands. Once the supply of cheap oil is lessened, the price could increase.

Environmental Regulations and Emission Norms

Stringent environmental regulations globally are compelling manufacturers to lower emissions from their production processes and enhance product quality. Governments and environmental agencies are implementing rigorous controls on the sulfur content, volatility, and biodegradability of base oils and lubricants. Adhering to these changing standards raises production costs, particularly for Group I base oils, which are slowly being replaced by more refined Group II and III oils. This regulatory pressure may restrict the growth potential of traditional base oil manufacturers that have not yet modernized their technologies.

Key Trends of Base Oil:

Transition to Group II and Group III Base Oils

There is an increasing transition from Group I to Group II and III base oils, attributed to their enhanced oxidation stability, reduced volatility, and improved performance features. These premium oils are being utilized more frequently in synthetic and semi-synthetic lubricants, especially in high-performance engines and machinery. As Original Equipment Manufacturers (OEMs) seek superior lubricant performance to comply with new emission regulations and fuel efficiency criteria, the global demand for Group II and III base oils is rapidly rising.

Rising Demand for Bio-based and Re-refined Base Oils

The heightened awareness regarding sustainability and environmental effects is driving the demand for bio-based and re-refined base oils. Industries are embracing circular economy principles and are increasingly favoring sustainable alternatives to base oils that lessen reliance on virgin crude oil. The processes for re-refining used oil are becoming more efficient and of higher quality, rendering re-refined base oils a practical and economical choice for both manufacturers and consumers.

Impact of the COVID-19 Pandemic on the Base Oil Market:

The automobile sect...

In North America, mustard oil prices in Q1 2025 experienced moderate fluctuations, with the market initially seeing a slight increase in January. This rise was mainly attributed to steady demand from both industrial and retail sectors, which were bolstered by strong consumer preferences for mustard oil. Furthermore, supply constraints from key producing regions coupled with global market uncertainties contributed to upward pressure on prices. Despite these factors, the North American market remained relatively stable compared to other regions, with prices showing resilience due to ongoing local demand.

In Q1 2025, white oil prices in the North American region recorded a quarter-on-quarter decline of 8.3% compared to Q4 2024. At the start of the quarter, prices increased as Winter Storm Enzo disrupted refinery operations and port activities, tightening supply while cold weather boosted demand for skincare products. Higher crude oil prices further supported this temporary uptick, though logistical challenges and extended lead times amplified market volatility.