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.

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

The 2025 preliminary average annual price of West Texas Intermediate crude oil reached 67.83 U.S. dollars per barrel as of August. This would be nine 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.

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.

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 worldwide crude oil price index stood at 191.78 index points in 2024. This was a slight decrease compared to the previous year, when the price index stood at over 194 index points. The global crude oil index is determined by benchmark prices such as Brent, WTI, and Dubai Fateh.

Heating oil price in the United States has peaked in winter 2022/23 at 4.31 U.S. dollars per gallon and has decreased ever since. Heating oil is a liquid petroleum product that is, among other things, used in residential buildings as a fuel oil in furnaces or boilers. Chemically, most heating oils are similar to motor diesel fuels and are often sold interchangeably. Forecast heating price in the U.S. The average price of heating oil in the United States in the winter of 2024/25 is expected to reach 3.44 U.S. dollars per gallon. Energy prices are projected to see a decrease this winter, because of increased production of heating fuels. The number of heating degree days, which are the days in which the average temperature is below 18 degrees Celsius (65 degrees Fahrenheit), also helps quantify the energy demand required to heat a building. What determines heating oil price? Generally, heating oil prices are collected during the heating season between October and March. In the U.S., the greatest determining factor for heating oil prices is the WTI crude oil price. Consumers can lower heating oil bills by considering when they purchase, reducing consumption, and through government assistance programs.

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.

The article discusses the volatility and fluctuations in crude oil prices over the last 10 years, highlighting the impact of global economic and political factors. It provides an overview of the price trends, factors affecting the decline in prices, and the subsequent recovery. The article also examines the influence of geopolitical developments and the COVID-19 pandemic on crude oil prices.

Gasoline fell to 1.86 USD/Gal on December 2, 2025, down 0.53% from the previous day. Over the past month, Gasoline's price has fallen 2.79%, and is down 4.95% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Gasoline - values, historical data, forecasts and news - updated on December of 2025.

Crude oil prices have experienced significant volatility in the past three years due to geopolitical tensions, supply and demand dynamics, and changes in global economic conditions. This article discusses the factors that have influenced oil prices, including production cuts, global oil supplies, U.S. sanctions on Iran, and the COVID-19 pandemic. It also provides an overview of the average price of Brent crude oil in 2018, 2019, and 2020, highlighting the impact of the pandemic on oil demand and prices.

WTI oil prices in , October, 2025 For that commodity indicator, we provide data from January 1982 to October 2025. The average value during that period was 46.36 USD per barrel with a minimum of 11.31 USD per barrel in December 1998 and a maximum of 133.93 USD per barrel in June 2008. | TheGlobalEconomy.com

The price of crude oil has experienced significant fluctuations over the past 20 years, influenced by global demand, geopolitical events, and economic conditions. This article explores the historical highs and lows, as well as the factors that have impacted the oil market. Learn about the 2008 financial crisis, the increase in shale oil production, and the unprecedented shock of the COVID-19 pandemic. Find out why predicting future oil prices remains challenging.

Learn about the significant fluctuations in crude oil prices over the past two years, influenced by global events and economic factors. Discover the impact of trade tensions, production cuts, COVID-19, and vaccine rollouts on the price of crude oil.

Graph and download economic data for Spot Crude Oil Price: West Texas Intermediate (WTI) (WTISPLC) from Jan 1946 to Oct 2025 about WTI, crude, oil, price, and USA.

After some fluctuation in the oil industry's early years, where prices were incredibly high for that time period due to low supply, the cost of oil in the U.S. remained below five U.S. dollars per barrel in the century between the 1870s and 1970s. Due to the 1973 Arab-Israeli War, the Arab OPEC states then placed an embargo on Israel's allies, particularly the United States, which resulted in domestic prices almost doubling within two years. Less than a decade later, due to the Iranian Revolution, domestic prices in the U.S. more than tripled between 1978 and 1981. Domestic prices in the U.S. were very subject to those within the OPEC bloc, as OPEC-produced oil was often much cheaper than U.S. oil even after duties and transport fees were applied. U.S. production then fell from the 1980s to the 2010s, and high production costs were then passed on to consumers. Prices peaked between 2008 and 2013, at around 95 dollars per barrel, before the developments in unconventional oil industries, such as shale oil refinement, fracking, and horizontal mining, have seen prices fluctuate in recent years

Introduction:

Crude oil is an essential commodity that is used in almost every aspect of modern life. Its price fluctuations have a significant impact on global economies, especially for countries that heavily depend on oil exports. In this dataset, we will explore the fluctuations of crude oil prices over the past 48 years, from 1974 to 2022, and examine the key factors that have influenced these fluctuations. The dataset provides a valuable resource for researchers and analysts interested in studying the fluctuations in crude oil prices over the past four decades. It can be used to identify patterns and trends in the market, as well as to develop predictive models for future price movements.

This dataset can be used for various purposes, such as:

• Analyzing the trends and fluctuations in crude oil prices over time.
• Identifying the factors that affect crude oil prices, such as supply and demand, geopolitical events, and economic indicators.
• Developing predictive models to forecast crude oil prices.
• Evaluating the impact of crude oil prices on the global economy, energy markets, and individual businesses.

Overall, the Fluctuations of Crude Oil Price dataset is a valuable resource for anyone interested in understanding the dynamics of the global oil market.

This dataset contains historical daily price data for WTI (West Texas Intermediate) and Brent Crude Oil futures contracts. The data spans from April 5, 2017, to April 10, 2024, and includes key pricing information such as opening, closing, high, low, average prices, and volume for each trading day. The data was sourced using the Interactive Brokers API and includes futures contract details for both WTI and Brent Crude Oil traded on the NYMEX exchange. This dataset can be used for time series analysis, forecasting, and other financial applications related to the oil market.

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

Get the latest insights on price movement and trend analysis of Crude Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).