Crude Oil fell to 59.17 USD/Bbl on December 2, 2025, down 0.25% from the previous day. Over the past month, Crude Oil's price has fallen 3.08%, and is down 15.40% compared to the same time last year, 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 December of 2025.

Monthly and long-term wti crude oil price data (US$/bbl): historical series and analyst forecasts curated by FocusEconomics.

Brent fell to 63.05 USD/Bbl on December 2, 2025, down 0.19% from the previous day. Over the past month, Brent's price has fallen 2.84%, and is down 14.36% 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 December of 2025.

While major energy institutions IEA, OPEC, and EIA used to have little differences in their long-term growth projections for the oil market, their demand outlooks have become more divergent in recent years. In its 2024 outlook, OPEC expected global oil demand to increase to more than 113 million barrels per day by 2030. In comparison, the IEA's stated policies scenario (STEPS) from 2024 sees oil demand coming to merely 101.7 million barrels per day by 2030. A figure that was similar to the EIA's latest outlook.

Monthly and long-term brent crude oil price data (US$/bbl): historical series and analyst forecasts curated by FocusEconomics.

Heating Oil rose to 2.35 USD/Gal on December 2, 2025, up 0.21% from the previous day. Over the past month, Heating Oil's price has fallen 2.25%, but it is still 6.31% higher than a year ago, 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 December of 2025.

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.

The IEA is the energy institute expecting the highest oil surplus for 2025. As demand outlooks remain modest, robust production output throughout 2024 is expected to result in some form of oil surplus, which would also impact oil prices. Woodmac was the only energy institute surveyed that did not see a surplus for the year. Production growth amid lower demand expectations The expected surplus in 2025 is largely attributed to non-OPEC production growth from major producers such as the United States and newcomers like Guyana. Overall, worldwide liquid fuels production could see a steep increase in the first half of 2025, if producers like OPEC stick to their output plans. This would come in spite of modest consumption expectations. Again, the IEA is the institute predicting the lowest growth in global oil demand when compared to other industry bodies such as the EIA and OPEC. Forecasting centers diverge in opinion on oil future Not only near-term, also long-term oil demand projections have become increasingly divergent among major energy institutions. OPEC's 2024 outlook expects global oil demand to surpass *** million barrels per day by 2030, while the IEA's stated policies scenario anticipates demand reaching only ***** million barrels per day in the same year. Diesel and gasoil currently account for the largest share of oil product demand at ***** percent, though this is expected to decrease slightly by 2050. Jet fuel and kerosene are projected to see the greatest increase in demand shares over the coming decades.

Monthly and long-term palm oil price data (US$/mt): historical series and analyst forecasts curated by FocusEconomics.

OECD Americas is the region with the greatest oil demand, followed by China. In 2023, daily oil demand in the OECD Americas amounted to 25 million barrels. This figure is set to decrease to 21.5 million barrels by 2050, although it would remain the largest oil consuming region. India is forecast to see the greatest growth in daily oil demand, with figures expected to double by 2050.

Daily historical WTI crude oil prices with interactive charts, trend analysis, and downloadable CSV. Includes long-term market trends, price spikes, corrections, and recent values from NYMEX.

The price forecast for WCS oil is influenced by various factors including supply and demand dynamics, global oil market trends, and geopolitical developments. WCS oil prices are currently low due to heavy blend processing costs and limited pipeline capacity. Uncertainties in demand and geopolitical tensions impact the forecast, while pipeline projects and cleaner energy sources may affect long-term prices.

Daily historical Brent crude oil prices with interactive charts, trend analysis, market cycle insights, and downloadable CSV. Includes multi-year trends, price shocks, recovery phases, and long-term benchmark movements.

The size of the Marine Gas Oil Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 4.00% during the forecast period. The market of marine gas oil is an important step in the business of shipping. Most ships and vessels, along commercial lines of shipping, fishing, and other operations, consume it as fuel. Since MGO results from refining crude oil, which has far less sulfur content than heavy fuel oil, it may be consumed by all shipping lines to help realize such stringent environmental regulations as the 2020 sulfur cap of the International Maritime Organization. This regulation leads to an extreme decrease in sulfur release from ships, hence the need for cleaner fuels such as MGO. Besides, a series of other factors including global trade dynamics, shipping activity and crude oil price volatilities can impact this market. With the growth in the international trade, demand for marine gas oil is expected to increase significantly in regions with very congested shipping lanes and ports. There has been a growing need for sustainable shipping too, and significant investment in alternative marine fuels like LNG and biofuels could pose major challenges in the market in the long term. Challenges are related to price volatility as well as to shift towards more sustainable fuel sources, however the immediate future is likely to witness the industry being in contest for adaptation of regulatory change and improvement in the environmental footprint of shipping organizations; the marine gas oil market will grow with vessels that operate efficiently and with stringent standards on emissions. Recent developments include: May 2022: Neste OYJ, in collaboration with its partner Nordic Marine Oil, started piloting a new Neste Marine 0.1 Co-processed marine fuel in Scandinavia to reduce greenhouse emissions. The fuel is based on Neste Marine 0.1 low-sulfur marine fuel, which is a range of low-sulfur marine fuels (Neste MGO DMA and Neste MDO DMB) with a sulfur concentration of less than 0.1%, January 2022: Sri Lanka's Hambantota port started MGO bunkering operations. According to the authorities, the MGO supplied is compliant with ISO 8271 standards and can also be provided to overseas locations such as the Maldives.. Key drivers for this market are: 4., Modernization and Upgrades of Existing Military Aircraft Fleets4.; Increasing Defense Budgets. Potential restraints include: 4., Shift Toward Unmanned Aircraft. Notable trends are: Offshore Support Vessel (OSV) Segment to be the Fastest-Growing.

Context

Crude oil is the world's most critical energy source and one of the most actively traded commodities. Its price is a fundamental driver of the global economy, influencing everything from transportation costs and industrial production to inflation rates and geopolitical policy. This dataset tracks the price of West Texas Intermediate (WTI) crude oil, a high-quality grade that serves as a primary global benchmark.

Access to reliable, long-term historical data is crucial for economists, traders, and data scientists seeking to model market dynamics, analyze the impact of world events, and forecast economic trends. This dataset provides a comprehensive and daily-updated record of crude oil prices, sourced from the Crude Oil Futures (CL=F) market.

Content

This dataset contains daily price information for Crude Oil Futures (CL=F) in a clean, tabular format. Each row represents a single trading day and includes the following columns:

Date: The date of the trading session (YYYY-MM-DD).

Open: The price at which crude oil first traded for the day in USD per barrel.

High: The highest price reached during the trading day in USD per barrel.

Low: The lowest price reached during the trading day in USD per barrel.

Close: The closing price at the end of the trading day in USD per barrel.

Volume: The total number of futures contracts traded during the day.

As of the third quarter of 2025, oil prices in the United Kingdom stood at 68.1 dollars per barrel, with prices expected to fall to 65 dollars a barrel in the fourth quarter of the year.

Monthly and long-term Angola Oil data: historical series and analyst forecasts curated by FocusEconomics.

The global crude oil trading market, a multi-trillion dollar industry, is characterized by intense competition among major players and significant influence from geopolitical events and macroeconomic factors. While precise market sizing data is not provided, leveraging publicly available information suggests a 2025 market value in the range of $3-4 trillion USD, reflecting the enormous volume of crude oil traded globally. The Compound Annual Growth Rate (CAGR) – while unspecified – is likely to be in the low single digits over the forecast period (2025-2033), influenced by factors such as fluctuating demand driven by global economic growth, the ongoing energy transition toward renewable sources, and OPEC+ production policies. Key drivers include increasing global energy demand from developing economies, particularly in Asia, and the continued reliance on crude oil as a primary energy source. Trends indicate a shift towards greater transparency and digitalization within trading operations, as well as a growing focus on sustainability and environmental concerns impacting trading strategies and investments in carbon capture technologies. Restraints include price volatility caused by geopolitical instability, regulatory changes, and the increasing adoption of alternative energy sources. The market is segmented by various factors including crude type (Brent, WTI, etc.), trading location (spot, futures, etc.), and geographical regions. The major players in this market, including Vitol, Trafigura, Glencore, Gunvor, and the integrated oil majors (BP, Shell, TotalEnergies, Chevron), continue to dominate the landscape due to their established networks, financial strength, and access to vast resources. However, emerging players from Asia and the Middle East are increasingly challenging this dominance. Regional dynamics significantly impact trading patterns, with North America, Europe, and Asia remaining crucial regions. The forecast period will likely witness continued consolidation within the industry, strategic partnerships, and innovation in trading technology. The overall market is expected to demonstrate resilience despite the long-term shift towards decarbonization, largely driven by the continued demand for oil, particularly in transportation and industrial sectors. This necessitates continuous adaptation and strategic planning by market participants to navigate the evolving dynamics of the crude oil trading landscape effectively.

Crude oil prices experienced volatility today due to a combination of factors including global demand concerns, positive developments in the Russia-Ukraine conflict, and supply considerations. The EIA's report on crude oil inventories also provided support to prices. Uncertainties persist, and the market remains cautious about the long-term outlook for crude oil prices.

UK oil and natural gas production is on long-term decline as old oil and gas fields in the North Sea mature and near the end of their life cycle. Oil and gas extracting companies reaped the rewards of an upsurge in global prices through 2022-23, leading to sharp revenue growth. However, this quickly turned around in 2023-24, with most major companies’ revenue nosediving along with oil prices as oil and gas from America flooded the market, slightly outpacing demand. Still, revenue is expected to expand at a compound annual rate of 5.1% over the five years through 2025-26 to £23 billion, owing primarily to the significant price hikes of 2021-22 and 2022-23. This includes a forecast dip of 4.3% in 2025-26, owing to oil and gas prices edging down. Profit is also slated to fall over the year. Global oil and gas prices greatly affect the industry's performance, with the Organisation of the Petroleum Exporting Countries (OPEC) putting supply cuts in place and global tensions resulting in price peaks and troughs. In October 2022, OPEC instituted a supply cut of two million barrels of crude oil per day, driving Brent Crude Oil prices up to US$110 (£87.80) per barrel, which was extended until March 2025. At the same time, the sanctions on Russian oil and gas imports because of the Russia-Ukraine conflict add further impetus to prices. The EU has banned imports of Russian-made oil and gas, providing opportunities for UK exporters. Crude oil prices remain high, but significant oil production from non-OPEC countries has made oil prices plummet since July 2024. Despite mounting tensions in the Middle East having the potential to cut oil supply from the region, the ongoing political tensions have yet to significantly impact global prices, with prices falling by 15.8% in the year to August 2025. Oil and gas prices are likely to continue inching downwards in the coming years. The UK government has implemented policies to create a more favourable environment for extractors in the North Sea to improve UK energy security. However, the depletion of natural resources, the high cost of extraction, low gas and oil prices and the global energy transition will threaten the industry's long-term viability. Revenue is forecast to climb at a compound annual rate of 2% over the five years through 2030-31 to £25.4 billion, supported by two new major oil and gas fields, Jackdaw and Rosebank.