Crude Oil rose to 62.42 USD/Bbl on October 8, 2025, up 1.12% from the previous day. Over the past month, Crude Oil's price has fallen 0.33%, and is down 14.77% 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 October 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 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.

Brent rose to 66.10 USD/Bbl on October 8, 2025, up 0.99% from the previous day. Over the past month, Brent's price has fallen 0.44%, and is down 13.69% 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 October of 2025.

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.

Urals Oil fell to 61.15 USD/Bbl on October 7, 2025, down 0.29% from the previous day. Over the past month, Urals Oil's price has risen 1.71%, but it is still 14.26% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Urals Crude.

View monthly updates and historical trends for Average Crude Oil Spot Price. Source: World Bank. Track economic data with YCharts analytics.

Graph and download economic data for Crude Oil Prices: Brent - Europe (DCOILBRENTEU) from 1987-05-20 to 2025-09-22 about crude, oil, Europe, commodities, and price.

Palm Oil rose to 4,546 MYR/T on October 8, 2025, up 1.65% from the previous day. Over the past month, Palm Oil's price has risen 1.45%, and is up 6.94% 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 October of 2025.

The average price of Indian basket crude oil was estimated to reach ***** U.S. dollars per barrel in the financial year 2024. While Indian basket crude oil prices have fluctuated during the reported period, this figure significantly decreased from the previous year’s average of ***** U.S. dollars. The average price of crude oil went up marginally around the financial year 2012, touching almost *** U.S. dollars per barrel. Recent trends in the Indian oil industry The last several years have seen a slight but steady increase in Indian crude oil refinery capacity. However, the annual domestic crude oil production volume has consistently decreased. Not surprisingly, the volume of crude oil imports had recently been on the rise for several years. The future of the Indian energy sector As the third-largest primary energy consumer globally, India relies on various sources to meet its energy demands. At the same time, a significant increase in primary energy consumption across various sources is projected for the coming decades, with renewables playing a vital role in the Indian energy transition.

Graph and download economic data for Global price of Palm Oil (PPOILUSDM) from Jan 1990 to Jun 2025 about oil, World, food, and price.

Gasoline rose to 1.91 USD/Gal on October 8, 2025, up 0.19% from the previous day. Over the past month, Gasoline's price has fallen 4.28%, and is down 7.38% compared to the same time last year, 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 October of 2025.

View monthly updates and historical trends for Olive Oil Price. Source: International Monetary Fund. Track economic data with YCharts analytics.

Graph and download economic data for Global price of Olive Oil (POLVOILUSDM) from Jan 1990 to Jun 2025 about oil, World, food, and price.

View monthly updates and historical trends for Groundnut Oil Price (Any Origin). Source: World Bank. Track economic data with YCharts analytics.

Natural gas rose to 3.41 USD/MMBtu on October 7, 2025, up 1.65% from the previous day. Over the past month, Natural gas's price has risen 10.44%, and is up 24.86% compared to the same time last year, 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 October of 2025.

Gasoline prices in the United States have experienced significant fluctuations over the past three decades, with 2024 seeing an average price of 3.3 U.S. dollars per gallon. This marks a notable decrease from the record high of 3.95 U.S. dollars per gallon in 2022, yet remains considerably higher than prices seen in the early 2000s. Despite this, American consumers continue to enjoy relatively low gasoline prices compared to many other countries, with some European countries paying more than double the U.S. average. Drivers in Hawaii and California pay the most at the pump Gasoline prices vary significantly across the United States, with Hawaii and California consistently ranking as the most expensive states for this fuel. As of January 1, 2025, Hawaii's average price for regular gasoline was 4.54 U.S. dollars per gallon, nearly 1.5 dollars above the national average. California's high prices are largely attributed to its steep gasoline taxes, which reached 68.1 U.S. cents per gallon in January 2024. These taxes play a crucial role in shaping retail prices and are typically reinvested in road infrastructure, demonstrating the direct link between fuel costs and transportation development. Patterns in gasoline consumption In a global context, the United States maintains some of the lowest conventional motor fuel prices among high-income countries. This is largely due to its position as the world's largest crude oil producer, allowing it to keep retail prices comparatively low. Despite fluctuations in price, gasoline consumption in the U.S. remains robust, averaging around 8.5 million barrels per day in 2024. Consumption tends to be highest in the summer months and lowest in the winter months due to changing driving behavior.

On April 20th, 2020, the price of West Texas Intermediate crude oil slumped into negative for the first time in history, falling to negative 37.63 U.S. dollars per barrel. The ongoing coronavirus pandemic has had a catastrophic impact on the global oil and gas industry. Declining consumer demand and high levels of production output are threatening to exceed oil storage capacities, which resulted in the lowest ever oil prices noted between April 20th and April 22nd.

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This statistic depicts the average annual prices for palm oil from 2014 through 2026*. In 2024, the average price for palm oil stood at 963 nominal U.S. dollars per metric ton.

Sunflower Oil rose to 1,395.10 INR/10 kg on October 7, 2025, up 0.52% from the previous day. Over the past month, Sunflower Oil's price has risen 2.97%, and is up 14.08% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Sunflower Oil.