Crude Oil rose to 68.75 USD/Bbl on July 11, 2025, up 3.27% from the previous day. Over the past month, Crude Oil's price has risen 1.04%, but it is still 16.37% lower than a year ago, 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 July of 2025.

The global fuel energy price index stood at 153.15 index points in May 2025, up from 100 in the base year 2016. Figures decreased that month due to lower heating fuel demand and a fall in crude oil prices. The fuel energy index includes prices for crude oil, natural gas, coal, and propane. Supply constraints across multiple commodities The global natural gas price index surged nearly 11-fold, and the global coal price index rose almost seven-fold from summer 2020 to summer 2022. This notable escalation was largely attributed to the Russia-Ukraine war, exerting increased pressure on the global supply chain. Global ramifications of the Russia-Ukraine war The invasion of Ukraine by Russia played a role in the surge of global inflation rates. Notably, Argentina bore the brunt, experiencing a hyperinflation rate of 92 percent in 2022. The war also exerted a significant impact on global gross domestic product (GDP) growth. Saudi Arabia emerged with a notable increase of nearly three percent, as several Western nations shifted their exports from Russia to Middle Eastern countries due to the sanctions imposed on the former.

On July 7, 2025, the Brent crude oil price stood at 69.62 U.S. dollars per barrel, compared to 67.93 U.S. dollars for WTI oil and 69.92 U.S. dollars for the OPEC basket. Prices rose slightly that week, following signs of an increase in demand.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 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 (whereby a contract is agreed upon, while the 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.

The UAE raises retail fuel prices in February 2025 amid global oil market volatility and geopolitical influences, affecting local and international economic dynamics.

In January 2023, the refined olive oil price amounted to $4,361 per ton (FOB, Turkey), rising by 3% against the previous month.

It has long been suspected, given the salience of gasoline prices, that fluctuations in gasoline prices shift households' 1-year inflation expectations. Assessing this view empirically requires the use of dynamic structural models to quantify the cumulative effect of gasoline price shocks on household inflation expectations at each point in time. We find that, on average, gasoline price shocks account for 42% of the variation in these expectations. The cumulative increase in household inflation expectations from early 2009 to early 2013, in particular, is almost entirely explained by unexpectedly rising gasoline prices. However, there is no support for the view that the improved fit of the Phillips curve augmented by household inflation expectations during 2009 2013 is mainly explained by rising gasoline prices.

Palm Oil rose to 4,175 MYR/T on July 11, 2025, up 0.68% from the previous day. Over the past month, Palm Oil's price has risen 8.72%, and is up 6.67% 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 July of 2025.

Brent rose to 70.69 USD/Bbl on July 11, 2025, up 2.99% from the previous day. Over the past month, Brent's price has risen 1.92%, but it is still 16.86% lower than a year ago, 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 July 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.

Indonesia Crude Oil Price: Widuri data was reported at 60.910 USD/Barrel in Jul 2019. This records an increase from the previous number of 60.810 USD/Barrel for Jun 2019. Indonesia Crude Oil Price: Widuri data is updated monthly, averaging 70.160 USD/Barrel from Jan 2006 (Median) to Jul 2019, with 163 observations. The data reached an all-time high of 131.950 USD/Barrel in Jul 2008 and a record low of 26.580 USD/Barrel in Jan 2016. Indonesia Crude Oil Price: Widuri data remains active status in CEIC and is reported by Directorate General of Oil and Gas. The data is categorized under Global Database’s Indonesia – Table ID.RBH003: Crude Oil Price.

Heating Oil rose to 2.47 USD/Gal on July 11, 2025, up 3.46% from the previous day. Over the past month, Heating Oil's price has risen 11.10%, but it is still 1.60% lower 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 July of 2025.

Indonesia Crude Oil Price: Duri data was reported at 60.950 USD/Barrel in Jul 2019. This records an increase from the previous number of 60.850 USD/Barrel for Jun 2019. Indonesia Crude Oil Price: Duri data is updated monthly, averaging 66.650 USD/Barrel from Jan 2006 (Median) to Jul 2019, with 163 observations. The data reached an all-time high of 125.920 USD/Barrel in Mar 2012 and a record low of 24.870 USD/Barrel in Jan 2016. Indonesia Crude Oil Price: Duri data remains active status in CEIC and is reported by Directorate General of Oil and Gas. The data is categorized under Global Database’s Indonesia – Table ID.RBH003: Crude Oil Price.

In North America, mustard oil prices in Q1 2025 experienced moderate fluctuations, with the market initially seeing a slight increase in January. This rise was mainly attributed to steady demand from both industrial and retail sectors, which were bolstered by strong consumer preferences for mustard oil. Furthermore, supply constraints from key producing regions coupled with global market uncertainties contributed to upward pressure on prices. Despite these factors, the North American market remained relatively stable compared to other regions, with prices showing resilience due to ongoing local demand.

OPEC+ is considering another oil output hike for June, following a significant increase in May, as the global oil market faces volatility and price slumps.

India's refined palm oil price sees a slight increase, now at $997 per ton. Stay updated on the latest commodity market trends with our comprehensive news coverage.

In Q1 2025, Tall Oil prices in the USA experienced a mixed trend. In January, prices saw a moderate rise driven by a resurgence in U.S. manufacturing activity, which boosted demand for industrial products like adhesives and biofuels. Higher energy costs also contributed to the increase, while concerns about a potential strike by the International Longshoremen's Association (ILA) led to stockpiling, further pushing prices up. However, the strike was called off, easing supply disruption fears.

In May 2025, the average price of one barrel of Brent crude oil was 64.45 U.S. dollars. This was nearly four U.S. dollars below prices the previous month and the lowest value in the past 24-month period, as demand for oil was expected to stagnate in the coming months. Brent terminology and most common uses Brent is the world's leading price benchmark for Atlantic basin crude oils. It is used to price two thirds of the internationally traded crude oil supplies and is also the most significant crude oil benchmark for Europe. Brent crude originates in the North Sea and includes oils from Brent and Forties Oil Field in the United Kingdom, and from the Oseborg and Ekofisk oil fields, both oil reserves in Norway. Other names for Brent are Brent Blend, London Brent and Brent petroleum. The name Brent comes from the Brent oil field, located north-east of the Shetland Islands, and thus part of the United Kingdom. Because the Brent oil field already passed its production peak, today the benchmark Brent includes oil from the other three major oil fields. Brent, next to West Texas Intermediate (WTI), is one of the lightest crude oils. With a low content of sulfur, it is ranged among the so-called sweet crude oils. Most of the Brent crude oil is refined into gasoline and middle distillates in Northwest Europe. Benchmark oil prices Other crucial benchmarks for crude oil prices are the already mentioned U.S.- WTI and Dubai Crude (Fateh). They are indispensable for referencing the many types and grades of oil on the global market. In the past 20 years, the annual price for one barrel of Brent crude oil saw a net increase. For example, the average price per barrel stood at 80.53 U.S. dollars in 2024.

Interactive chart showing the daily closing price for West Texas Intermediate (NYMEX) Crude Oil over the last 10 years. The prices shown are in U.S. dollars.

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.

Indonesia Crude Oil Price: Anoa data was reported at 64.820 USD/Barrel in Jul 2019. This records an increase from the previous number of 64.770 USD/Barrel for Jun 2019. Indonesia Crude Oil Price: Anoa data is updated monthly, averaging 74.410 USD/Barrel from Jan 2006 (Median) to Jul 2019, with 163 observations. The data reached an all-time high of 140.070 USD/Barrel in Jul 2008 and a record low of 29.570 USD/Barrel in Jan 2016. Indonesia Crude Oil Price: Anoa data remains active status in CEIC and is reported by Directorate General of Oil and Gas. The data is categorized under Global Database’s Indonesia – Table ID.RBH003: Crude Oil Price.