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.

The annual price of West Texas Intermediate (WTI) crude oil is expected to reach an average of 63.58 U.S. dollars per barrel in 2025, according to an August 2025 forecast. This would be a decrease of roughly 13 U.S. dollar compared to the previous year. In the first eight months of 2025, weekly crude oil prices largely stayed below 70 U.S. dollars per barrel amid trade tariffs and an expected economic downturn. What are benchmark crudes? WTI is often used as a price reference point called a benchmark (or ”marker”) crude. This category includes Brent crude from the North Sea, Dubai Crude, as well as blends in the OPEC reference basket. WTI, Brent, and the OPEC basket have tended to trade closely, but since 2011, Brent has been selling at a higher annual spot price than WTI, largely due to increased oil production in the United States. What causes price volatility? Oil prices are historically volatile. While mostly shaped by demand and supply like all consumer goods, they may also be affected by production limits, a change in U.S. dollar value, and to an extent by market speculation. In 2022, the annual average price for WTI was close to the peak of nearly 100 U.S. dollars recorded in 2008. In the latter year, multiple factors, such as strikes in Nigeria, an oil sale stop in Venezuela, and the continuous increase in oil demand from China were partly responsible for the price surge. Higher oil prices allowed the pursuit of extraction methods previously deemed too expensive and risky, such as shale gas and tight oil production in the U.S. The widespread practice of fracturing source rocks for oil and gas extraction led to the oil glut in 2016 and made the U.S. the largest oil producer in the world.

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.

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.

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.

This statistic shows the forecasted price of oil in the United Kingdom (UK) from 2017 to 2024, in U.S. dollars per barrel. The price of oil is expected to increase to 64.5 U.S. dollars in 2023/24.

The global crude palm oil market expanded modestly to $72.3B in 2024, picking up by 4.1% against the previous year. Overall, the total consumption indicated temperate growth from 2012 to 2024: its value increased at an average annual rate of +3.4% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -9.7% against 2022 indices.

Palm Oil rose to 4,134 MYR/T on December 2, 2025, up 1.00% from the previous day. Over the past month, Palm Oil's price has risen 0.46%, but it is still 18.56% lower than a year ago, 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 December of 2025.

The export price for one barrel of Urals crude oil was expected to reach ** U.S. dollars in 2025. In the following three years, the Russian government expected it to increase. In 2028, it was projected to reach ** U.S. dollars per barrel. Urals is Russia's major export oil brand. Crude oil prices in Russia Different types of oil, such as lightweight, low-sulfur (light-sweet) grades and heavier, higher-sulfur (heavy-sour) crudes, can create differences in oil prices. Prices of a barrel of crude oil tend to fluctuate throughout the year due to factors like sulfur content, specific gravity, and location. In recent years, the price of Russian Urals crude oil reached a high of almost ** U.S. dollars per barrel in February 2022 and a low of **** U.S. dollars per barrel in April 2020. The Urals oil is used as a basis for Russian export oil mixture—a mix of heavy, high-oil from the Urals and Volga region and a light Siberian oil. The oil and gas industry accounts for a large majority of the country’s export income. Many global sources of crude oil are located in areas that are prone to political upheavals or have production disrupted by political events. Prices of major crude oil blends In comparison, the West Texas Intermediate crude oil price was estimated at ***** U.S. dollars per barrel in 2025. Furthermore, Dubai Fateh oil prices have fluctuated in the past decade, having reached ***** U.S. dollars per barrel in 2024. Prices of petroleum products fluctuate in parallel with crude oil prices but can also depend on seasonality, market factors, or refining outages. Petroleum products like gasoline, diesel, and petrochemical feedstocks are usually the most relevant to consumers.

The Asia-Pacific crude oil market amounted to $1,024.3B in 2024, approximately reflecting the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $1,098.3B. From 2023 to 2024, the growth of the market remained at a lower figure.

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

On October 27, 2025, the Brent crude oil price stood at 65.14 U.S. dollars per barrel, compared to 61.31 U.S. dollars for WTI oil and 67.54 U.S. dollars for the OPEC basket. Oil prices rose slightly that week.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 global 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 (where a contract is agreed upon while 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.

Urals Oil fell to 54.22 USD/Bbl on December 1, 2025, down 0.37% from the previous day. Over the past month, Urals Oil's price has fallen 7.52%, and is down 17.95% 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 Urals Crude.

The global crude oil market size reached approximately 100.50 MB/d in 2024. The market is projected to grow at a CAGR of 0.90% between 2025 and 2034, reaching around 109.92 MB/d by 2034.

View weekly updates and historical trends for New England Residential Heating Oil Price. from United States. Source: Energy Information Administration. Tr…

During the Q2 of 2024, the price of white oil in the United States reached 1638 USD/MT in June. The U.S. market exhibited stability, driven by a steady supply-demand outlook and regular refinery functions. Despite fluctuating rates of crude oil and minor geopolitical conflicts, the market remained resilient, with only slight seasonal price variations due to increased demand for cosmetic products during summer. In confluence with this, prices remained static compared to earlier quarters, reflecting a dependable pricing environment, ensuring minimal disruption in the white oil market.

In 2024, the global cotton-seed oil market decreased by -13.3% to $4.6B, falling for the second consecutive year after three years of growth. Overall, consumption continues to indicate a relatively flat trend pattern. Global consumption peaked at $6.2B in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

According to Cognitive Market Research, the global Used Cooking Oil market size is USD 5226.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.60 % from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 2090.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.8% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 1567.86 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 1202.03 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 261.31 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 104.52 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031.
The Food Manufacturer held the highest Used Cooking Oil market revenue share in 2024.

Market Dynamics of Used Cooking Oil Market

Key Drivers of Used Cooking Oil Market

Increasing Demand for Biodiesel to Increase the Demand Globally

Reducing dependency on fossil fuels and growing concerns about environmental sustainability are driving up demand for biodiesel made from leftover cooking oil (UCO). When compared to conventional diesel, biodiesel burns cleaner and reduces greenhouse gas emissions and air pollution. By reusing a byproduct, using UCO for biodiesel production promotes a circular economy in addition to providing an environmentally acceptable method of disposing of waste. As governments and businesses throughout the world place increasing emphasis on renewable energy sources, UCO's biodiesel stands out as a sustainable and practical choice that supports international efforts to mitigate climate change and encourage environmental preservation.

Waste Management Needs to Propel Market Growth

The market for used cooking oil (UCO) is driven by the need for efficient waste management solutions. Used cooking oil is a substantial waste product that can contaminate land and water and cause other environmental problems if it is not disposed of appropriately. But the UCO market offers an alternative by turning this garbage into a useful resource and encouraging ethical waste disposal methods. In addition to reducing environmental hazards, the market helps promote sustainable resource use and the circular economy by recycling UCO into biodiesel and other goods. This program encourages waste management that is more ecologically conscientious, supporting worldwide efforts to lessen pollution and advance sustainability.

Restraint Factors Of Used Cooking Oil Market

Stringent Regulations to Limit the Sales

The sector has obstacles due to strict rules governing the collection, transportation, and processing of used cooking oil (UCO), which vary widely by area and level of complexity. It is possible to encourage market participation and optimize UCO processing operations by streamlining these restrictions and providing clear guidance. Standardized and unambiguous standards promote investment in UCO recycling infrastructure while also making compliance easier. Policymakers may encourage sustainable behaviors, raise UCO recycling rates, and eventually aid in environmental conservation efforts by lowering waste and encouraging the use of renewable energy sources like biodiesel by establishing more hospitable regulatory environments.

Impact of Covid-19 on the Used Cooking Oil Market

The market for used cooking oil (UCO) has been affected by the COVID-19 epidemic in a variety of ways. On the one hand, because fewer meals were made in commercial kitchens during lockdowns and restaurant closures, there was a decrease in UCO generation. In certain areas, this led to a brief surplus of UCO. However, the pandemic may have increased domestic cooking oil use due to the increased demand for packaged and processed foods, which could somewhat offset the drop in commercial UCO production. Furthermore, UCO collection and processing activities may have been impacted by supply chain and logistics interruptions, creating issues with market stability. Introduction of the Used Cooking Oil Market&n...

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

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Transformer Oil Market Size 2024-2028

The transformer oil market size is valued to increase USD 1.13 billion, at a CAGR of 8.09% from 2023 to 2028. Expansion of T and D will drive the transformer oil market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 55% growth during the forecast period.
By End-user - Industrial segment was valued at USD 651.80 billion in 2022
By Product - Mineral-based segment accounted for the largest market revenue share in 2022

Market Size & Forecast

Market Opportunities: USD 80.97 million
Market Future Opportunities: USD 1128.10 million
CAGR : 8.09%
APAC: Largest market in 2022

Market Summary

The market encompasses the production, sales, and application of transformer oil used in electrical power transformers. This market is characterized by continuous evolution, driven by the ongoing demand for reliable and efficient power transmission. Core technologies, such as vacuum pressure impregnation and mineral insulated transformers, are revolutionizing the industry with enhanced performance and longevity. Applications span various sectors, including power generation, transmission, and distribution. Service types, including maintenance, repair, and refilling, are essential to ensure transformer efficiency and longevity. Regulations, such as the European Union's REACH regulation, impact the market by driving the emergence of eco-friendly transformer oils.
Fluctuation in crude oil prices significantly influences the market, with transformer oil derived from crude oil accounting for a substantial share (approximately 80%) of the market. Despite challenges, the market presents opportunities for growth, particularly in emerging economies and the shift towards renewable energy sources.

What will be the Size of the Transformer Oil Market during the forecast period?

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How is the Transformer Oil Market Segmented and what are the key trends of market segmentation?

The transformer oil industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

End-user

  Industrial
  Utilities
  Commercial
  Residential


Product

  Mineral-based
  Silicon-based
  Bio-based


Application

  Power Transformers
  Distribution Transformers
  Industrial Transformers


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa

    Egypt
    KSA
    Oman
    UAE


  APAC

    China
    India
    Japan


  South America

    Argentina
    Brazil


  Rest of World (ROW)

By End-user Insights

The industrial segment is estimated to witness significant growth during the forecast period.

Transformer oil plays a crucial role in US industries, offering dependable power supply by minimizing voltage fluctuations and reducing downtime risks. In North America and Europe, the demand for transformers is driven by the digitalization trend in power systems. While power utilities dominate the market, the industrial sector's demand is significant, particularly for small- and large-scale users. Inspection techniques like acid number testing, insulation monitoring, and dielectric dissipation factor measurement ensure transformer oil's optimal performance. High voltage applications necessitate oil filtration systems and oil paper insulation for power system reliability. Transformer oil recycling and oxidation mitigation processes extend transformer life.

Key market trends include liquid dielectric testing, electrical conductivity measurement, and moisture content testing. Breakdown voltage testing, dissolved gas analysis, and chromatographic analysis help monitor transformer health. Tan delta measurement, electrical breakdown, and dielectric strength testing ensure transformer efficiency and safety. Industries rely on transformer oil for power system reliability, with adoption projected to rise by 15%. The market anticipates a 12% growth in demand due to the increasing need for efficient and reliable power solutions. Transformer maintenance practices, such as oil purification processes and water content sensors, are essential for ensuring transformer longevity. Partial discharge detection and thermal stability testing are critical for transformer performance and safety.

Transformer oil's role in power system reliability and its evolving applications across various sectors make it an indispensable component in the US industrial landscape.

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The Industrial segment was valued at USD 651.80 billion in 2018 and showed a gradual increase during the forecast period.

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Regional Analysis

APAC is estimated to contribute 55% to the growth of t