Learn about the factors that influence crude oil prices and the importance of these prices in the global economy. Explore the benchmark prices, such as Brent crude and West Texas Intermediate, and understand how supply and demand, geopolitical events, production costs, and market speculation affect the price of crude oil. Discover the impact of crude oil prices on inflation, energy costs, investment opportunities, and as macroeconomic indicators.

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of August. 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.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Fuel Oil and Other Fuels in U.S. City Average (CUUR0000SEHE) from Mar 1935 to Sep 2025 about fuels, oil, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

Inflation Nowcast: Contribution: Energy Prices: Crude Oil Price: Average International FOB: Indian Basket: USD data was reported at 2.213 % in 12 May 2025. This stayed constant from the previous number of 2.213 % for 05 May 2025. Inflation Nowcast: Contribution: Energy Prices: Crude Oil Price: Average International FOB: Indian Basket: USD data is updated weekly, averaging 0.352 % from Jul 2020 (Median) to 12 May 2025, with 254 observations. The data reached an all-time high of 12.584 % in 05 Jul 2021 and a record low of 0.000 % in 07 Oct 2024. Inflation Nowcast: Contribution: Energy Prices: Crude Oil Price: Average International FOB: Indian Basket: USD data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s India – Table IN.CEIC.NC: CEIC Nowcast: Inflation: Headline.

Previous literature suggests that the pass-through of oil price shocks to inflation rates became weaker since the 1970s. I use a time-varying parameter VAR to show that this trend has recently been reversed with headline and core inflation rates responding more sensitive to oil price shocks. Based on a counterfactual analysis, I offer evidence that increasingly important second round effects propagated via inflation expectations play a key role for these dynamics. Finally, I illustrate that oil price shocks in general and this expectation channel more specifically contributed substantially to the recent surge in inflation rates.

Over the last several decades, the price of WTI crude oil has been affected by notable events and crises taking place throughout the world. The inflation adjusted price of one barrel of crude oil peaked shortly before the global financial crisis in 2008 at ****** real U.S. dollars. By the first quarter of 2009, the crude oil price had plummeted to ***** real U.S. dollars per barrel. By comparison, the through price during the coronavirus pandemic was ***** real U.S. dollars.

A comprehensive dataset for WTI crude oil price prediction, combining key economic indicators and oil industry metrics from 2005-2024. Features include: - EUR/USD exchange rates - Oil inventory levels - Production volumes - Rig counts - Inflation rates - Technical indicators (rolling averages)

Data sourced from EIA and FRED APIs, processed and engineered for time series forecasting. Ideal for price prediction models and market analysis.

Dataset prepared with proper cleaning and feature engineering.

Core Inflation Nowcast: sa: Contribution: Energy Prices: Crude Oil: Spot Price: West Texas Intermediate Cushing data was reported at 1.689 % in 01 Dec 2025. This stayed constant from the previous number of 1.689 % for 24 Nov 2025. Core Inflation Nowcast: sa: Contribution: Energy Prices: Crude Oil: Spot Price: West Texas Intermediate Cushing data is updated weekly, averaging 0.002 % from Apr 2018 (Median) to 01 Dec 2025, with 398 observations. The data reached an all-time high of 5.609 % in 03 Jun 2024 and a record low of 0.000 % in 19 Feb 2024. Core Inflation Nowcast: sa: Contribution: Energy Prices: Crude Oil: Spot Price: West Texas Intermediate Cushing data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s United States – Table US.CEIC.NC: CEIC Nowcast: Inflation: Core.

Canada Core Inflation Nowcast: sa: Contribution: Energy: Crude Oil Price: Avg: Synthetic Edmonton data was reported at 0.000 % in 12 May 2025. This stayed constant from the previous number of 0.000 % for 05 May 2025. Canada Core Inflation Nowcast: sa: Contribution: Energy: Crude Oil Price: Avg: Synthetic Edmonton data is updated weekly, averaging 0.000 % from Jan 2018 (Median) to 12 May 2025, with 384 observations. The data reached an all-time high of 32.673 % in 20 Jan 2020 and a record low of 0.000 % in 12 May 2025. Canada Core Inflation Nowcast: sa: Contribution: Energy: Crude Oil Price: Avg: Synthetic Edmonton data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s Canada – Table CA.CEIC.NC: CEIC Nowcast: Inflation: Core.

The author argues that the economic benefits of low gasoline prices for the U.S. economy have fallen substantially since the reemergence of America as a major oil producer. The old rule-of thumb that a 10% fall in the oil price raises inflation-adjusted U.S. GDP by 0.2% is too large—the impact on economic activity should be closer to zero, and may even be negative if consumption grows slowly. The reasons for this change are straightforward, if underappreciated: (i) the value of oil production accounts for a larger share of the U.S. economy; and (ii) consumers are not spending the windfall like they used to because of higher debt levels, limited access to credit, slow wage rowth, and an older population.

The current international crude oil price is a widely watched and closely followed indicator in the global energy markets. It has a significant impact on various sectors of the economy, including transportation, manufacturing, and overall inflation. This article discusses the factors influencing crude oil prices, the role of Brent Crude as the global benchmark, the impact of the COVID-19 pandemic on prices, and the ongoing market sensitivity to geopolitical tensions and economic conditions.

Aastveit, Knut Are, Bjørnland, Hilde C., and Cross, Jamie L., (2023) “Inflation Expectations and the Pass-Through of Oil Prices.” Review of Economics and Statistics 105:3, 733–743.

Data and code to replicate the results in "Oil prices uncertainty, endogenous regime switching, and inflation anchoring"

The national crude oil price is a key indicator of the health and stability of a country's economy. Learn about the factors influencing national crude oil prices and the impact it has on inflation, energy costs, investments, stock markets, and government revenue.

Graph and download economic data for Producer Price Index by Industry: Oil and Gas Extraction (PCU21112111) from Dec 1985 to Sep 2025 about extraction, oil, gas, PPI, industry, inflation, price index, indexes, price, and USA.

As of August 2025, the average annual price of Brent crude oil stood at 71.3 U.S. dollars per barrel. This is over nine 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 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.

Graph and download economic data for Producer Price Index by Commodity: Processed Foods and Feeds: Shortening, Cooking Oil, and Margarine (WPU0278) from Jan 1947 to Sep 2025 about cooks, fat, processed, oil, food, commodities, PPI, inflation, price index, indexes, price, and USA.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Gasoline (All Types) in U.S. City Average (CUUR0000SETB01) from Mar 1935 to Sep 2025 about gas, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

Canada Core Inflation Nowcast: sa: Contribution: Energy: Furnace Oil Price: Avg Retail incl Taxes: Simple data was reported at 0.000 % in 01 Dec 2025. This stayed constant from the previous number of 0.000 % for 24 Nov 2025. Canada Core Inflation Nowcast: sa: Contribution: Energy: Furnace Oil Price: Avg Retail incl Taxes: Simple data is updated weekly, averaging 0.000 % from Jan 2018 (Median) to 01 Dec 2025, with 413 observations. The data reached an all-time high of 22.700 % in 18 Jan 2021 and a record low of 0.000 % in 01 Dec 2025. Canada Core Inflation Nowcast: sa: Contribution: Energy: Furnace Oil Price: Avg Retail incl Taxes: Simple data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s Canada – Table CA.CEIC.NC: CEIC Nowcast: Inflation: Core.

China’s crude oil import has increased sharply since 2002. Its expenditure on oil import now accounts for around 10% of its total commodity import. Thus, there is potential imported inflation or deflation due to oil price fluctuations and China’s central bank may respond to it. We quantitatively analyze the impact of oil prices on China’s benchmark interest rate and monetary supply by a 6-variable structural vector auto-regression model. We draw that: 1) In response to an increase of oil price, China’s central bank generally upgrades interest rate. If oil price rises by 10 US dollars, the 6-month lending base rate will increase by around 0.13 percentage point in 3 months. 2) The effects of price shocks deepen after the oil pricing reform, and specifically, it can explain 19.8% of the variations in monetary policies in one year after October 2008, compared with the 0.83% before October 2001.