Crude Oil rose to 64.68 USD/Bbl on September 2, 2025, up 1.04% from the previous day. Over the past month, Crude Oil's price has fallen 2.44%, and is down 12.67% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on September of 2025.

On August 18, 2025, the Brent crude oil price stood at 66.54 U.S. dollars per barrel, compared to 63.42 U.S. dollars for WTI oil and 68.21 U.S. dollars for the OPEC basket. Oil prices remained largely unchanged that week as economic expectations stayed low.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 (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.

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.

The monthly crude oil price index worldwide reached 163.67 index points in July 2025. Prices changed only slightly compared to the previous month as oil prices remained low.

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

Discover how crude oil prices vary by country and the various factors that influence them. Learn about major oil-producing countries such as Saudi Arabia, the United States, Russia, Iran, Iraq, Canada, Venezuela, Nigeria, the United Arab Emirates, and Kuwait, and how their pricing mechanisms are shaped. Gain insight into the global oil market and its impact on economies worldwide.

Brent rose to 68.10 USD/Bbl on September 1, 2025, up 0.92% from the previous day. Over the past month, Brent's price has fallen 0.95%, and is down 11.87% 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 September of 2025.

This article provides an overview of crude oil prices worldwide and highlights the key drivers and implications of these price movements. It discusses how crude oil prices impact the global economy, businesses, and consumers, and explores the factors that influence oil prices, including supply and demand dynamics, geopolitical events, and financial market conditions. The article concludes by emphasizing the importance of monitoring and analyzing crude oil prices for governments, businesses, and investors.

The global oil prices graph provides a visual representation of crude oil prices over time and is crucial for understanding market dynamics and tracking price fluctuations. This article explains key terms such as Brent Crude and WTI Crude, as well as the influence of supply and demand, geopolitical events, economic fluctuations, and weather conditions on oil prices. Analysts, investors, governments, and oil companies rely on this graph to identify trends, patterns, and major market events for decision-makin

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

Heating Oil rose to 2.31 USD/Gal on September 1, 2025, up 1.65% from the previous day. Over the past month, Heating Oil's price has fallen 0.45%, but it is still 1.17% 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 September of 2025.

Graph and download economic data for Global price of WTI Crude (POILWTIUSDQ) from Q1 1990 to Q2 2025 about WTI, crude, oil, World, and price.

As of July 2025, the average annual price of Brent crude oil stood at 71.79 U.S. dollars per barrel. This is over eight U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility, such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.

Switzerland Brent Crude Oil Price data was reported at 75.710 USD/Barrel in Oct 2018. This records a decrease from the previous number of 82.790 USD/Barrel for Sep 2018. Switzerland Brent Crude Oil Price data is updated monthly, averaging 25.785 USD/Barrel from Jan 1970 (Median) to Oct 2018, with 586 observations. The data reached an all-time high of 139.390 USD/Barrel in Jun 2008 and a record low of 2.230 USD/Barrel in Dec 1970. Switzerland Brent Crude Oil Price data remains active status in CEIC and is reported by Swiss National Bank. The data is categorized under Global Database’s Switzerland – Table CH.P002: Fuel Prices.

The global oil price index is a measure of the average price of oil traded on the global market. This article explores the factors that influence oil prices, the significance of the Brent Crude Oil Price Index, and the importance of oil price indexes for market participants and policymakers.

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Graph and download economic data for Global price of Brent Crude (POILBREUSDM) from Jan 1990 to Jun 2025 about crude, oil, World, and price.

Graph and download economic data for Global price of Brent Crude (POILBREUSDQ) from Q1 1990 to Q2 2025 about crude, oil, World, and price.

Brent Crude Oil Price: EA: Forward: 1 Month data was reported at 72.079 EUR/Barrel in Mar 2025. This records an increase from the previous number of 69.734 EUR/Barrel for Dec 2024. Brent Crude Oil Price: EA: Forward: 1 Month data is updated quarterly, averaging 34.532 EUR/Barrel from Sep 1985 (Median) to Mar 2025, with 159 observations. The data reached an all-time high of 103.376 EUR/Barrel in Jun 2022 and a record low of 9.999 EUR/Barrel in Dec 1998. Brent Crude Oil Price: EA: Forward: 1 Month data remains active status in CEIC and is reported by European Central Bank. The data is categorized under Global Database’s European Union – Table EU.P005: European Central Bank: Crude Oil Price. [COVID-19-IMPACT]

Saudi Arabia Oil Prices: Nominal: North Sea, Brent data was reported at 54.170 USD/Barrel in 2017. This records an increase from the previous number of 43.760 USD/Barrel for 2016. Saudi Arabia Oil Prices: Nominal: North Sea, Brent data is updated yearly, averaging 24.745 USD/Barrel from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 111.620 USD/Barrel in 2012 and a record low of 2.230 USD/Barrel in 1970. Saudi Arabia Oil Prices: Nominal: North Sea, Brent data remains active status in CEIC and is reported by Saudi Arabian Monetary Authority. The data is categorized under Global Database’s Saudi Arabia – Table SA.P012: Energy Prices.