Crude Oil fell to 67.52 USD/Bbl on July 18, 2025, down 0.02% from the previous day. Over the past month, Crude Oil's price has fallen 8.55%, and is down 14.13% 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 July of 2025.

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of June. 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.

Oil prices drop amid uncertainties in US-Iran nuclear talks, impacting Brent crude and WTI. Market anticipates surplus despite volatility and demand growth.

Heating Oil rose to 2.50 USD/Gal on July 18, 2025, up 1.33% from the previous day. Over the past month, Heating Oil's price has fallen 3.77%, but it is still 3.25% 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 July of 2025.

Brent fell to 69.42 USD/Bbl on July 18, 2025, down 0.15% from the previous day. Over the past month, Brent's price has fallen 9.49%, and is down 15.99% 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 July of 2025.

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.

In May 2023, the price of Crude Palm Oil reached $1,074 per ton (CIF, United Kingdom), showing a decrease of -3.3% compared to the previous month.

Interactive daily chart of Brent (Europe) crude oil prices over the last ten years. Values shown are daily closing prices.

In June 2025, the price for one barrel of West Texas Intermediate (WTI) crude oil averaged 68.17 U.S. dollars. This was an increase compared to the previous month which had seen the lowest figure in the past 24-month period. 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.

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.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

Interactive chart showing the monthly closing price for No. 2 Heating Oil: New York Harbor since 1986. The prices shown are in U.S. dollars.

Discover how the drop in crude oil prices below $60 is driving a surge in consumer hedging as companies aim to lock in lower fuel costs amid volatile market conditions.

About the Project

KAPSARC is analyzing the shifting dynamics of the global gas markets. Global gas markets have turned upside down during the past five years: North America has emerged as a large potential future LNG exporter while gas demand growth has been slowing down as natural gas gets squeezed between coal and renewables. While the coming years will witness the fastest LNG export capacity expansion ever seen, many questions are raised on the next generation of LNG supply, the impact of low oil and gas prices on supply and demand patterns and how pricing and contractual structure may be affected by both the arrival of U.S. LNG on global gas markets and the desire of Asian buyers for cheaper gas.

Key Points

In the past year, global gas prices have dropped significantly, albeit at unequal paces depending on the region. All else being equal, economists would suggest that this should have generated a positive demand response. However, “all else” was not equal. Prices of other commodities also declined while economic growth forecasts were downgraded.

Prices at benchmark points such as the U.K. National Balancing Point (NBP), U.S. Henry Hub (HH) and Japan/Korea Marker (JKM) slumped due to lower oil prices, liquefied natural gas (LNG) oversupply and unseasonal weather. Yet, the prices of natural gas in local currencies have increased in a number of developing countries in Africa, the Middle East, Latin America, former Soviet Union (FSU) and Asia.

North America experienced demand growth while gas in Europe and Asia faced rising competition from cheaper coal, renewables and, in some instances, nuclear. Gains to European demand were mostly weather related while increases in Africa and Latin America were not significant.

For LNG, Europe became the market of last resort as Asian consumption declined. Moreover, an anticipated surge in LNG supply, brought on by several new projects, may lead to a confrontation with Russian or other pipeline gas suppliers to Europe. At the same time, Asian buyers are seeking concessions on pricing and flexibility in their long-term contracts.

Looking ahead, natural gas has to prove itself a credible and affordable alternative to coal, notably in Asia, if the world is to reach its climate change targets. The future of the gas industry will also depend on oil prices, evolution of Chinese energy demand and impact of COP21 on national energy policies. Current low prices mean there is likely to be a pause in final investment decisions (FIDs) on LNG projects in the coming years.

Nigeria's economy was significantly impacted by the COVID-19 pandemic. Among others, oil prices experienced a sharp fall and the country lowered the daily crude oil production consistently. In January 2019, the price per barrel amounted to ** U.S. dollars per barrel, whereas in April 2020 the price dropped by ** dollars. Crude oil, petrol, and fuel represented Nigeria's main source of export value.

Graph and download economic data for Crude Oil Prices: Brent - Europe (DCOILBRENTEU) from 1987-05-20 to 2025-06-16 about crude, oil, Europe, commodities, and price.

In Q1 2025, U.S. sunflower oil prices reflected significant volatility, shaped by evolving supply conditions, shifting demand patterns, and broader macroeconomic pressures. January began with a strong upward trajectory as constrained global sunflower seed production—driven by geopolitical tensions and adverse weather in Ukraine and Russia—led to tighter supply. The USDA projected a 10% drop in global output for the 2024/25 season, while rising soybean oil futures further supported sunflower oil’s price surge.

This statistic shows the change in the price of domestic heating oil per liter in selected countries for the period between June 2019 and June 2020. In June 2020, the domestic heating oil price in Germany was some 27.7 percent lower than in June 2019.

Domestic heating oil

The price of domestic heating oil per liter has decreased in many countries. In the United Kingdom, prices dropped by 24.8 percent, while in Canada, prices dropped by 25.5 percent. In the United States, winter heating oil prices increased from 2.06 U.S. dollars per gallon in 2015/2016 during the oil glut years, to 3.07 U.S. dollars per gallon in 2019/20. Domestic heating oil is used for the heating of domestic homes. It is a liquid petroleum product. It is often delivered to homes by a tank truck and stored in above-ground storage tanks. In the United States, this type of oil is known as No. 2 heating oil and prices are tracked by the Department of energy. However, in new single-family houses, use of heating oil in the U.S. is rather uncommon, accounting for less than 0.5 percent of the heating type share since 2013.

Oil prices decline amid market sell-offs, US tariff measures, and geopolitical tensions. Learn about contributing factors like OPEC+ plans, China's fuel focus shift, and the strong US dollar.

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

This statistic shows the estimated breakeven oil prices for 2016 in Middle Eastern and Northern African countries, in U.S. dollars per barrel, based on imports. In that year, the breakeven oil price based on imports in Libya was some ****** U.S. dollars.

Breakeven oil prices A breakeven oil price is the price at which oil must be sold in order to recover the costs associated with its production. With the recent downturn in the global oil industry, breakeven oil prices are an important measure of an oil extractor's ability to remain profitable. Breakeven oil prices vary greatly throughout the world due to the widely differing costs associated with extracting different types of oil, the unique circumstances associated with oil extraction in different oil-producing regions, and so on.

In times of economic downturn, oil resources with higher breakeven costs are the first to be discontinued. Unconventional oil resources, such as oil sands and shale oil, are more expensive to produce than conventional oil, and therefore suffer when oil prices drop. Since the oil glut began in 2014, even conventional oil deposits that are more expensive to extract are decreasing production. This has lead to significant economic impacts in places where the economy is closely tied to oil, such as Venezuela, which has oil sands deposits in addition to conventional oil resources. While oil prices have increased slightly since a record low in January 2016, it is uncertain how long it will take for oil prices to recover more substantially, if at all.