The 2025 preliminary average annual price of West Texas Intermediate crude oil reached 68.25 U.S. dollars per barrel as of July. This would be eight U.S. dollars below the 2024 average and the lowest annual average since 2021. 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.

In July 2025, the price for one barrel of West Texas Intermediate (WTI) crude oil averaged 68.39 U.S. dollars. This was a slight increase compared to the previous month, although prices remained lower than they had been the previous year. WTI and other benchmark crudes WTI is also known as "Texas light sweet", and is a grade of crude oil used as a benchmark for oil produced in the United States. It has an API gravity of around 39.6 and specific gravity of about 0.827, which, relative to other crude oils, is considered “light,” hence the name. WTI also contains about 0.24 percent sulfur, making it a “sweet” crude oil. The price of WTI can be compared to the prices other of crude oils, i.e. UK Brent, the OPEC basket, and Dubai Fateh oil. WTI crude oil is the underlying commodity of the Chicago Mercantile Exchange’s oil futures contracts. U.S. oil production and its influence on light oil prices The price development of WTI crude oil relative to Brent crude oil has been influenced by variances in U.S. crude oil transportation and increased U.S. oil production. New transportation infrastructure became operational in early 2013, easing the movement of crude oil in the mid-continent and raising the price of WTI. Since then, U.S. refineries have increased production of crude oil to record levels, also raising the price of WTI. Meanwhile, expedited crude transport in the U.S. put downward pressure on Brent crude oil as domestic crude replaced some imported Brent crude. Between 2014 and 2016, UK Brent prices dropped rapidly, as was the case for all other crude oils.

Brent rose to 67.60 USD/Bbl on September 23, 2025, up 1.55% from the previous day. Over the past month, Brent's price has fallen 1.74%, and is down 10.07% compared to the same time last year, 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 September of 2025.

As of July 2025, the average annual price of Brent crude oil stood at 71.79 U.S. dollars per barrel. This is over eight 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.

Learn about the characteristics and factors that influence the price of light sweet crude oil, a highly sought-after petroleum product in the global market. Explore how supply and demand, geopolitical events, economic indicators, market speculation, and exchange rates affect oil prices and impact various industries and economies worldwide.

The stock price of light sweet crude oil is influenced by global supply and demand, geopolitical events, economic indicators, and weather conditions. Learn about the factors that impact crude oil prices and the implications for investors and traders.

Avg Price: Crude Oil: Canada Light Sweet Edmonton data was reported at 536.770 CAD/Cub m in Jul 2018. This records an increase from the previous number of 496.160 CAD/Cub m for Jun 2018. Avg Price: Crude Oil: Canada Light Sweet Edmonton data is updated monthly, averaging 411.620 CAD/Cub m from Sep 2016 (Median) to Jul 2018, with 23 observations. The data reached an all-time high of 536.770 CAD/Cub m in Jul 2018 and a record low of 350.620 CAD/Cub m in Sep 2016. Avg Price: Crude Oil: Canada Light Sweet Edmonton data remains active status in CEIC and is reported by Kent Group Ltd.. The data is categorized under Global Database’s Canada – Table CA.P001: Average Price: Crude Oil.

Learn about the factors that influence the price of light sweet crude oil, including supply and demand dynamics, geopolitical tensions, production cuts, and global economic conditions. Stay informed on the latest price updates and understand how traders and economists predict future price movements.

View weekly updates and historical trends for NYMEX Light Sweet Crude Oil Combined Managed Money Long Positions. Source: US Commodity Futures Trading Comm…

Light crude oil futures, also known as WTI (West Texas Intermediate) crude oil futures, are a type of derivative contract that allows investors to trade the future delivery of light, sweet crude oil at a predetermined price. Learn about key information in the ticker, why traders choose to trade light crude oil futures, and the risks involved in trading.

Brent crude oil is projected to have an average annual spot price of 67.22 U.S. dollars per barrel in 2025, according to a forecast from May 2025. This would mean a decrease of more than 13 U.S. dollars compared to the previous year and also reflect a reduced forecast WTI crude oil price. Lower economic activity, an increase in OPEC+ production output, and uncertainty over trade tariffs all impacted price forecasting. 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.

View weekly updates and historical trends for NYMEX Light Sweet Crude Oil Combined Open Interest. Source: US Commodity Futures Trading Commission. Track e…

Light Sweet Crude Oil futures see a significant drop in volume and open interest, signaling potential market consolidation as traders assess global supply and economic data.

View weekly updates and historical trends for NYMEX Light Sweet Crude Oil Futures Open Interest. Source: US Commodity Futures Trading Commission. Track ec…

The global low sulfur light oil market is a dynamic sector experiencing significant growth driven by the increasing demand for cleaner fuels and stricter environmental regulations. The transition towards cleaner energy sources globally has put immense pressure on oil producers to refine and provide low-sulfur options. This shift, coupled with the ongoing expansion of refining capacities, particularly in regions with robust economic growth, is fueling market expansion. While the exact market size fluctuates based on global economic conditions and geopolitical factors, a reasonable estimate for 2025 could be around $700 billion, considering the high value of light sweet crude and its significant market share within the broader oil market. A conservative Compound Annual Growth Rate (CAGR) of 3% over the forecast period (2025-2033) reflects a steady yet realistic growth trajectory, given potential economic slowdowns and technological advancements in alternative energy sources. Major players such as Saudi Aramco, ExxonMobil, and Chevron, along with significant regional players like the National Iranian Oil Company and CNPC, actively compete to meet this growing demand. Market restraints include price volatility inherent in the commodity market, geopolitical instability impacting oil production and supply chains, and the ongoing transition to renewable energy sources. Despite these challenges, the continuous demand from transportation and industrial sectors will continue to drive growth. Regional variations in market share will depend heavily on production capacity, refining infrastructure, and local environmental policies. For instance, North America and the Middle East are anticipated to maintain substantial market shares owing to significant production capabilities and established infrastructure. However, regions with growing economies and increasing energy demands will witness relatively faster growth. Segmentation within the market is primarily based on type (e.g., API gravity and sulfur content), application (transportation, petrochemicals), and geographic location. The forecast period of 2025-2033 anticipates consistent, if moderate, growth for the market.

Light Crude Oil Market Outlook

The global light crude oil market size is projected to witness a significant growth from USD 150 billion in 2023 to approximately USD 225 billion by 2032, driven by a compound annual growth rate (CAGR) of 4.5%. This anticipated growth can be attributed to a variety of factors, including increasing demand for energy, advancements in extraction and refining technology, and the relatively lower emissions associated with light crude oil compared to heavier crude types. As global energy consumption continues to rise, particularly in emerging economies, light crude oil is expected to play a crucial role in meeting these energy needs due to its high efficiency and adaptability.

One of the principal growth factors of the light crude oil market is the surge in global energy demand, which is largely driven by industrialization and urbanization in developing countries. As these nations continue to expand their infrastructure and enhance their industrial capabilities, the need for energy sources that can be readily converted into various forms of fuel and other products increases. Light crude, with its lower sulfur content and higher yield of valuable products like gasoline and diesel, becomes an attractive option for meeting this demand efficiently. Furthermore, the flexibility of light crude oil in being processed into a variety of derivatives supports a wide range of industrial applications, further propelling its demand.

Technological advancements in drilling and extraction techniques have also significantly contributed to the growth of the light crude oil market. Innovations such as horizontal drilling and hydraulic fracturing have enabled the extraction of light crude from previously inaccessible or uneconomic reserves. These technologies have not only increased the supply of light crude oil but have also reduced the cost of production, thereby enhancing its competitiveness in the global energy market. The ability to tap into shale oil reserves, particularly in regions such as North America, has provided a substantial boost to the availability of light crude, supporting the market's expansion.

Another pivotal growth factor is the global shift towards cleaner energy sources. While renewable energy is gaining traction, the transition is gradual, and light crude oil serves as a relatively cleaner fossil fuel option due to its lower carbon emissions during combustion. This aligns with global efforts to reduce environmental impact while still satisfying the energy demands of modern economies. Moreover, regulatory frameworks in several countries favor the use of lighter crude variants over heavier ones, providing an additional impetus for market growth.

From a regional perspective, North America holds a significant position in the light crude oil market due to its abundant shale oil reserves and advanced extraction technologies. The region's market is expected to grow steadily, supported by innovations in technology and a favorable regulatory environment. Additionally, Asia Pacific is projected to witness robust growth owing to its rapidly expanding industrial base and increasing energy consumption. The Middle East & Africa region, rich in crude reserves, continues to be a critical supplier, while Europe focuses on refining capabilities and sustainable practices to meet its energy needs.

Type Analysis

The light crude oil market can be segmented by type into sweet light crude and sour light crude, each offering distinct characteristics that cater to various industrial needs. Sweet light crude is characterized by its low sulfur content, making it easier and less costly to refine. This variety is highly sought after in the market as it can be directly processed into valuable fuels like gasoline and diesel without requiring extensive desulfurization. Given the environmental regulations increasingly favoring fuels with lower sulfur content, sweet light crude becomes crucial in meeting compliance standards, thus driving its demand further.

Sour light crude, on the other hand, although containing higher levels of sulfur, remains an essential part of the market due to its availability and the economic benefits it offers. It often requires additional processing steps, which can initially seem like a disadvantage. However, with the advancements in refining technology that allow for more efficient processing and sulfur removal, sour light crude provides a cost-effective alternative. This type is particularly significant in regions where local refining capabilities have been upgraded to handle such crude, thereby expanding its potential market

Imports by origin of all grades of crude oil, i.e., heavy sour, heavy sweet, light sour, light sweet, and medium crude oil. View data by country, by world region, or by OPEC and non-OPEC status. Data in monthly or annual time series. Users of the EIA API are required to obtain an API Key via this registration form: http://www.eia.gov/beta/api/register.cfm

Discover the current oversupply of light-sweet crude oil in the US, export challenges, and how refinery and pipeline dynamics are influencing international pricing.

The West Texas Intermediate (WTI) rate refers to the price of crude oil produced in the United States. It is one of the most commonly referenced benchmarks for oil pricing globally. WTI crude oil is a light, sweet crude oil that is easier and less expensive to refine into gasoline compared to other types of crude oils. This article explains how the WTI rate is determined, factors that influence it, and its significance in the global oil market and economy.

U.S. refinery imports of all grades of crude oil, i.e., heavy sour, heavy sweet, light sour, light sweet, and medium crude oil. Data in monthly or annual time series. Users of the EIA API are required to obtain an API Key via this registration form: http://www.eia.gov/beta/api/register.cfm