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 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.

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.

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The crude oil market has the potential to grow by 4781.60 million barrels during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 2.73%.

This crude oil market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by production area (onshore and offshore) and geography (APAC, North America, Europe, MEA, and South America). The report also offers information on several market vendors, including BP Plc, Chevron Corp., and ConocoPhillips Co., among others.

What will the Crude Oil Market Size be in 2021?

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Crude Oil Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing upstream investment is notably driving the crude oil market growth, although factors such as fluctuations in global crude oil prices may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the crude oil industry get your FREE report sample now.

      The rising energy demand across the world has prompted governments to explore untapped oil and gas resources in the upstream sector, using advanced technologies.
      The production of oil and natural gas is declining from many conventional oilfields. To overcome this issue, oil and gas operators are increasing investments in mature oil and gas fields.
      The adoption of unconventional exploration and production technologies in large shale deposits has widened opportunities for upstream oil and gas companies.
      The growing investments in the upstream oil and gas sector will significantly influence crude oil market growth over the forecast period.




      Technological development in the hydraulic fracturing process is aiding in the exploration and production of oil and gas from shale plays.
      The advances in the drilling technology and proppant placement in downhole wells increased hydrocarbon recovery from unconventional wells.
      Technological advances such as integration of the internet of things (IoT) for data acquisition, as well as the use of data analytics and machine learning, supports the efficiency of tools that is one of the key crude oil market trends.
      Real-time pressure data is crucial in crude oil production as it eliminates the over-fracturing issue.
      Automation of hydraulic fracturing optimizes the hydraulic fracturing method using algorithmic controls and supports enhanced well performance.

This crude oil market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Crude Oil Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

BP Plc
Chevron Corp.
ConocoPhillips Co.
Exxon Mobil Corp.
PetroChina Co. Ltd.
Petroleo Brasileiro SA
Qatar Petroleum
Rosneft Oil Co.
Royal Dutch Shell Plc
Saudi Arabian Oil Co.

The crude oil market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the crude oil market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Crude Oil Market?

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44% of the market’s growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for crude oil in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.

To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Production Area Segments in the Crude Oil Market?

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The crude oil market share growth by the onshore segment will be significant during the forecast period. In onshore exploration and production operations

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.

In Q3 2025, North America, the Crude Oil Price Index rose 1.55% quarter-over-quarter, supported by export demand. Check detailed insights for Europe, MEA, South America and APAC.

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 Soybean Oil Market Report is Segmented by Nature (Conventional and Organic), Application (Food, Animal Feed, Industrial, and Others), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Forecasts are Provided in Terms of Value (USD) and Volume (Liters).

The global palm oil market rose rapidly to $88.3B in 2024, increasing by 15% against the previous year. Over the period under review, consumption continues to indicate a pronounced increase. Global consumption peaked at $98.2B in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

During the first quarter of 2025, the sesame oil prices in the USA reached 7,700 USD/MT in March. As per the sesame oil price chart, tariffs and trade agreements, including those related to US-China trade tensions, have affected the import and export of sesame oil, impacting prices in the USA.

Explore IMARC’s newly published report, titled “Sesame Oil Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” offers an in-depth analysis of sesame oil pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

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.

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.

The global palm kernel oil market size attained a value of USD 15.80 Billion in 2024. The market is expected to grow at a CAGR of 4.30% between 2025 and 2034, reaching almost USD 24.07 Billion by 2034.

By 2035, the Borage Oil Market is estimated to expand to USD 110.75 Million, showcasing a robust CAGR of 6.5% between 2025 and 2035, starting from a valuation of USD 55.4 Million in 2024.

In Q3 2025, North America , the Soybean Oil Price Index rose by 8.9% quarter-over-quarter, in Q3 2025, supported by policy and demand. Check detailed insights for Europe, MEA, South America and APAC.

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Edible Oil Market Size 2025-2029

The edible oil market size is forecast to increase by USD 18.37 billion, at a CAGR of 3.4% between 2024 and 2029.

The market is driven by the surging demand for trans-fat-free oils due to growing health consciousness among consumers. This trend is fueled by increasing awareness regarding the harmful effects of trans fats on human health. Furthermore, advancements in agriculture technology have enabled the production of high-quality, healthy oils, providing opportunities for market growth. However, the market faces distribution challenges that hinder its expansion. The complex supply chain and logistical issues in transporting edible oils from production sites to consumers in various regions create hurdles for market participants.
Companies must navigate these challenges by implementing robust logistics strategies and collaborating with reliable partners to ensure the timely and efficient delivery of their products. By addressing these challenges and catering to the evolving consumer preferences, market players can capitalize on the growing demand for healthier edible oil options and strengthen their market position. Consumer preferences for healthier alternatives, such as olive oil, are driving demand for alternative oils

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

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The market continues to evolve, shaped by dynamic market forces and shifting consumer preferences. Unsaturated fats, such as monounsaturated and polyunsaturated fatty acids, have gained prominence in food processing due to their health benefits. Cold-pressed oils, like olive and avocado, with their desirable nutritional profiles and high omega-3 and omega-6 fatty acid content, have gained popularity in various sectors. The fatty acid profile of oils, including rapeseed, sunflower, safflower, and canola, influences their applications in food processing and dietary guidelines. Smoke point and peroxide value are crucial factors in determining the suitability of oils for cooking applications. Linseed oil, with its high polyunsaturated fat content and low smoke point, is often used in non-cooking applications.

Price volatility, driven by factors like supply chain disruptions and government regulations, impacts the market. Organic and unrefined oils, with their perceived health benefits and higher production costs, command premium prices. Oxidation stability and moisture content are essential considerations for maintaining the quality and shelf life of edible oils. Sustainability concerns, particularly in the palm oil sector, have led to increased scrutiny and regulations. Corn oil, peanut oil, and other vegetable oils are used extensively in salad dressings and food manufacturing. Labeling requirements and consumer preferences for trans-fat-free and low-saturated fat options continue to shape the market landscape. The market is a complex web of interconnected factors, from production methods like solvent extraction and expeller-pressed oil to consumer preferences and government regulations.

The ongoing unfolding of market activities and evolving patterns underscores the importance of staying informed and adaptable in this ever-changing industry.

How is this Edible Oil Industry segmented?

The edible oil industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Retail
  Food service
  Food processor


Packaging

  Pouches
  Bottles
  Jars
  Cans


Type

  Palm oil
  Soybean oil
  Sunflower oil
  Mustard oil
  Others


Geography

  North America

    US
    Canada


  Europe

    Germany
    Russia
    UK


  APAC

    China
    India
    Indonesia
    Japan


  South America

    Brazil


  Rest of World (ROW)

By End-user Insights

The Retail segment is estimated to witness significant growth during the forecast period. The market encompasses various types of oils, including unsaturated ones like rapeseed, sunflower, safflower, olive, and avocado, which provide healthier alternatives to saturated fats. The futures market plays a significant role in price determination, influencing the supply chain. Trans fats, however, are a concern due to their adverse health effects, leading to increased focus on omega-6 and omega-3 fatty acids. Cholesterol content is a critical consideration, with olive, canola, and flaxseed oils offering heart-healthy benefits. Food processing techniques, such as cold-pressing, expeller-pressing, and solvent extraction, impact the oil's nutritional value, smoke point, and oxidation stability. Consumer preferences prioritize monounsatura